Ponoka Town Council has renewed its Residential and Business Incentive Programs for 2023.

The purpose of these incentive programs is to continue attracting new residents and businesses to move to Ponoka. Town Council has renewed the following programs for three years until December 31, 2025:

•New Resident Incentive;

•Residential New Build Incentive;

•Commercial New Build Incentive; and

•Major Home Renovation Incentive

“Renovating, buying or building a home or business is a long-term decision and extending these programs for three years provides potential new residents and businesses more time to complete the decision-making process and plan their move to Ponoka,” said Ponoka Mayor Kevin Ferguson, adding, “Attracting new businesses and residents is all about helping Ponoka and our local economy grow and thrive into the future. ”

The New Business Grant has been renewed for one year (until December 31, 2023) as it requires funding for the grants being offered and must be approved during budget deliberations each year. Mayor Ferguson noted that most of the incentive programs are available to both new and existing residents in the Town of Ponoka, including the New Business Grant, the Residential New Build Incentive, the Commercial New Build Incentive and the Major Home Renovation Incentive. Council will continue to review the successes of each incentive program annually.

New Resident Incentive Program:

It offers a free, one-year family recreation pass for new residents who buy and move into a home in town before December 31, 2025from a municipality outside the Town of Ponoka. The family recreation pass offers free admission to the Ponoka Aquaplex. The pass also includes free access to racquetball courts, drop-in programming and public skating/shinny hockey at the Ponoka Arena Complex.

Applications must be submitted in the same year as the applicant’s possession date of their new property.

Residential New Build Incentive Program:

New and existing residents who build or buy a newly-built home not previously occupied in the Town of Ponoka can qualify for this program. To qualify, applications must be received in the same year in which the development permit is issued. This incentive allows citizens to enjoy the following tax savings over three years:

•75 per cent reduction on the municipal portion of your property taxes in the first year following the construction of a new home;

•50 per cent reduction in Year 2; and•

25per cent reduction in Year 3

 

Commercial New Build Incentive Program:

Commercial businesses that build a new property n the Town of Ponoka on commercially-zoned land can qualify for this program. To qualify, applications must be received in the same year in which the development permit is issued. This incentive allows businesses to enjoy the following tax savings over three years:

•75 per cent reduction in the municipal portion of their property taxes in the first year;

•50 per cent reduction in the second year; and

•25 per cent reduction in the third year.

Major Home Renovation Incentive Program:

Ponoka residents who complete major renovations on their home which increase their property’s assessment value by at least 20 per cent (excluding land assessment value) can qualify for the following property tax savings:

•75 per cent reduction on the assessment increase in the municipal portion of their property taxes in Year 1;

•50 per cent reduction on the increase in Year 2;and

•25 per cent reduction on the increase in Year 3.

Examples of major renovations that may qualify for the program include finishing a basement, building an attached or detached garage, building an addition to increase square footage of a home, major kitchen renovations or complete renovation of a main living area.

Applications must be received by December 31 of the same year in which the major home renovation work begins.

New Business Grant:

It offers a one-time-per-business grant payment of up to $1,000 for businesses that are new to Ponoka by December 31, 2023,and reside and operate in the Town. To be eligible, the business must hold a valid Town of Ponoka business licence or be exempt from requiring a business licence.

The grants are awarded on a first-come, first-served basis.

Apply Now

Applications for the Town’s incentive programs are now being accepted and forms are available at ponokarealliving.ca. Paper copies of the application forms are also available at the Town Office at the Ponoka Civic Centre (200, 5604 50 Street).For more information, please call the Town of Ponoka at 403-783-0127 or send an email to RealLiving@Ponoka.ca