Citing the importance of local businesses to the community, the City of North Battleford is bringing in a commercial tax subsidy.
According to a news release, this subsidy is to help alleviate financial pressures that the COVID-19 pandemic has put on local businesses.
The city will subsidize a line of credit loan for the 2020 Commercial Property taxes for commercially assessed properties. The duration of the interest subsidy is for three months: from October to December, 2020. The interest rate subsidy is capped at four per cent.
To be eligible, 2020 Property Taxes must be paid by Sept. 30, 2020. Properties in tax arrears as of Dec. 31, 2019, are not eligible.
According to the city, owners will be required to sign a subsidy agreement with the City of North Battleford. They must also provide proof that the owner of the property accessed at least one of the Federal COVID-19 business assistance programs, as well as written confirmation from a local financial institution that the line of credit exists. Payment of the monthly interest subsidy is subject to written confirmation from the local institution that the interest was paid.
For more information about this program or to make an application can contact the City of North Battleford Tax Clerk at 306-445-1706.
