Business Retention and Attraction Incentive Program

The Business Retention and Attraction Incentive Program (BRAIP) was established by City Council in 2010 and has been renewed each year since. The program is guided by the BRAIP policy, and aims to provide financial incentive for commercial property owners who enhance the appearance and function of their property by improving existing buildings, constructing new buildings/additions and/or demolishing existing buildings. The purpose of the program is to:

• Encourage owners of commercial buildings to invest in improvements that enhance the appearance and function of the building or property;
• Attract new business opportunities to the city and encourage investment in new buildings;
• Encourage the demolition of existing buildings that may detract from the visual appeal of the community.

Business owners may be eligible for 100% of the difference between the pre and post-construction municipal tax levied on the property, paid over the following three years. The program also offers incentives for projects that are primarily cosmetic in nature and consist of internal or external renovations that do not change the overall size of the building. Such projects are eligible for a one-time rebate equal to 10% percent of the municipal tax levied on the property in the year the project is completed.

Applications for the BRAIP program are processed all year long and will be accepted until December 31 each year the program is active.

For questions about the BRAIP program and eligibility requirements, contact the Planning and Development department at planning@coldlake.com or 780-594-4494.