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Tuesday, April 1, 2014

Are Tax Holidays For Developers A Good Idea?

A local realtor is suggesting a "tax holiday" for developers--in other words, the city giving them a break on the increase in property taxes until a property is sold or a three-year limit expires-- could be one idea to foster new growth in Saint John.

According to Hodges Hamm, a tax holiday would be a good way to encourage new development. Common Councillor Shirley McAlary says it's not a bad thing to consider, and in the past Saint John did offer incentives of that sort and maybe we should again.

But City Manager Pat Woods says we can't subsidize sprawl under ZoneSJ--and if we do provide any incentives they had better be to increase density in the urban core.