Development incentive for Lafford project could cost about $1.2 million over 10 years
Tonight at their regular council meeting, councillors will be asked to vote on approving a nearly $1.2 million dollar grant over ten years for developer John Lafford, for his proposed six-storey apartment building at 131 Main Street.
When John Lafford spoke to Tantramar council in favour of bylaw amendments that would make way for his 71-unit residential development, he floated mid-July as a possible start date for the project. The developer even requested a special meeting of council on July 19 for accelerated second and third readings of his requested zoning changes. Those changes were approved on July 19, but as of the end of last week, Plan 360 has yet to receive a building permit application for the project.
Instead, the project will be back before council on Tuesday night, to ask for approval on a grant that will rebate roughly 50% of the property tax on the new development over 10 years. The estimated financial cost of the grant is not included in the staff report to council, but after a media request, Tantramar’s director of Corporate and Community Services Kieran Miller shared the estimated cost of $1.185 million over the next decade.
The grant falls under the former town of Sackville’s Economic Development Incentive Program, passed in March 2020, which aims to attract and spur on new commercial, industrial or multi-unit residential projects.… Continue
Proposed dental clinic and apartments first to receive Tantramar’s development tax incentive, Lafford applies to become second
A $1.3 million dollar mixed-use building project for 35 Main Street will be the first project to receive an incentive in the form of a tax rebate from the new town of Tantramar, based on a policy passed in Sackville in March 2020.
A Moncton-based dental surgeon has plans for the vacant lot just uphill from Sackville town hall. Daniel Nachaat is listed as the director of the numbered company that bought the vacant property in 2021. This year, Nachaat’s company applied to the town’s economic development incentive program with a proposal for a three-storey development including a ground floor dental clinic, and two upper floors with a total of eight one-bedroom apartments.
The project is being managed by Dieppe-based real estate investment company Quest Capital and is the first ever development to apply for and be approved under the new incentive program, which offers property owners a 50% or more tax rebate over 5 or 10 years, for commercial, industrial or multi-unit residential projects.
The Quest Properties project is estimated at costing $1.3 million, and without the incentive program, would bring in an additional $25,000 per year in taxes for the municipality. With the incentive program in place, more than half of that potential tax revenue, about $72,000 over the first five years, will stay with Nachaat’s company.… Continue