St. Albert's Council made one of the biggest and best decisions in years by deciding to borrow $62 million for the development of the Lakeview Business District. In the short term, this will result in a small tax increase, but over the long run, this will more than pay for itself.
The push for this project began as early as 2009, spearheaded by the St. Albert Chamber of Commerce, when it became clear that our city was running out of investment-ready land. Even back then, it was clear that without more commercial and industrial development space, St. Albert was missing out on growth opportunities and job creation that are vital to our community’s future.
This investment will play a critical role in shifting our municipal tax base towards the long-term goal of a 70/30 split between residential and non-residential taxes. Currently, the majority of our tax revenue comes from residential taxes, putting an oversized burden on homeowners. By expanding our non-residential tax base, the Lakeview Business District will help alleviate that pressure and create a more sustainable financial model for the city.
This decision is a prime example of forward-thinking leadership. Developing the Lakeview Business District will have lasting positive impacts on our local economy, our municipal tax structure, and the overall prosperity of St. Albert. City Council and the city's economic development team should be commended for making this bold move to invest in our future. Let's get building.
Chris McLeod, St. Albert
