Business owners in North Battleford who've struggled financially as a result of COVID-19 restrictions may have some help thanks to a new subsidy. (File Photo/ battlefordsNOW)

By Josh Ryan

Tax Relief

North Battleford ready to offer commercial tax subsidy

Sep 2, 2020 | 10:18 AM

During tax notice time in North Battleford, struggling businesses now have a chance to get some additional economic relief.

The city launched the new commercial tax subsidy to help alleviate financial pressures businesses are facing during the COVID-19 pandemic, an incentive that hopes to result in owners getting their taxes paid on time. Mayor Ryan Bater said this is for subsidizing the cost of borrowing if a commercial property owner has to seek financing to fund their tax bill.

“So if the owner approaches a lender, that comes with an interest rate,” he said. “And we will subsidize the interest.”

The interest rate subsidy is capped at four per cent, with the duration spanning October, November and December. Any property with their tax in arrears as Dec. 31 last year are not eligible and anyone wanting to apply must pay 2020 property taxes by Sept. 30. The property owners in question must also demonstrate the need for financial assistance exists because of the pandemic.

In June, finance director Steve Brown said the program could result in a $20,000 to $40,000 cost for the city, depending on the number of businesses that apply. Bater said the development for this subsidy began back in March and there have been many conversations regarding it since.

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“Hopefully this will provide some flexibility for commercial property owners,” he said. “Many have been affected by the pandemic.”

Conversations about the future are ongoing due to the fluidity of the situation for the region. Bater said they cannot make any decisions that don’t take into account they would be doing so without knowing if there will be a second wave and what it would look like.

“I think we want to be receptive to the needs of the business community,” he said.

For the rest of the community, Bater said to continue rally around local business and be mindful of public health orders, by not taking unnecessary risks.

“Let’s take care of ourselves and our families, so we don’t see a surge.”

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josh.ryan@jpbg.ca

On Twitter: @JoshRyanSports