First TRIP funded project opens in downtown Lethbridge
The City of Lethbridge’s first-ever Targeted Redevelopment Incentive Program (TRIP) project was completed in Downtown Lethbridge on Thursday. SixO8 Health, formerly known as East Meets West, held its grand opening today. Costing $8 million, it’s the first business to utilize the new municipal tax relief program. The City is expected to receive $88,000 more in annual taxes than what was being received prior to construction.
“The City benefits from this program in that, once the short-term cancellation period is over, a far greater amount of taxes are received due to the increased value of the property,” says Mayor Chris Spearman.
The new capital investment has added 60 jobs to the downtown.
“In addition to the additional long-term tax benefit to the City, this impactful capital investment has added 60 skilled jobs to the Downtown, including an addition of 30 for the new location (formerly located at WT Hill). This will bring more people, more activity and more vitality to the Downtown and we are optimistic on the positive impact this type of investment will have on our city’s core,” says Andrew Malcolm, Urban Revitalization Manager.
Six08 Health will bring together a multitude of health care professionals including massage, acupuncture, chiropractor, physiotherapy, naturopathic medicine, speech pathology, psychology, dental and dental hygiene, medical aesthetics, fitness, family & GI specialty medical, pharmacy, and supervised childcare.
TRIP provides an incentive to businesses constructing or doing a major renovation in the downtown and is available for projects with a minimum construction value of $500,000.