COLD LAKE - City of Cold Lake council has approved another $5,000 funding application for the development of a new basement suite in the city. The grant will be issued under the Secondary Suite Development Incentive Program.
Introduced in May of this year, the incentive program offers financial assistance to homeowners looking to create secondary suites and aims to expand housing options in the community. To be eligible, the suite must be located in a residential district with the appropriate zoning, have approved development and building permits, adhere to all applicable bylaws, building codes, and regulations, be free of any outstanding property taxes, and be completed within 12 months, as outlined by the City of Cold Lake.
In April, the Corporate Priorities Committee reviewed the history of secondary suites and discussed strategies to promote the development of more suites. The committee requested a policy offering a $5,000 incentive for new suites, or for legalizing unpermitted existing ones.
“Administration has received an application for funding under the Secondary Suite Development Incentive Program, for a new basement suite to be constructed at 201 21st Street,” said Andrew Serba, Strategic Initiatives Manager for the City, during the Nov. 12 council meeting.
He explained that the development has already cleared the necessary permits.
“This suite has already received its necessary permits for construction, and administration has no concerns with the eligibility of this application, so we're recommending that council approve this property for participation in that program to receive the $5,000 grant,” said Serba.
The applicant received approval for a development permit on Oct. 28, with a building permit expected shortly. Administration has confirmed that the property meets all eligibility requirements for the grant.
Following the recommendation from administration, council unanimously voted to approve the funding. With this approval, $20,000 of the $100,000 allocated for the Secondary Suite Development Incentive Program has been allocated for the current year.
