$2.2M property tax break proposed for Saskatoon World Trade Center

The proposed Saskatoon World Trade Center could be the first major real estate development in the city to benefit in a big way from recently retooled downtown building incentives.

The city recommendeda $2.1-million tax abatement for the $55-million project, which is slated to replace an existing building at the corner of 3rd Avenue S. and 22nd Street E.

TheCanwest Commercial and Land Corporation senior consultant and former mayor Don Atchisonasked members of the city's Planning, Development, and Community Services for a 100 per cent tax abatement on the building and improvements.

The committee endorsed the request unanimously Monday morning.

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The proposal raises the tax breakfrom $2.1-million to $2.2-million, or $447,000 a yearfor five years after construction.

The tax breakstill has to be approved by city council at a regular meeting, and applies to the structure and any improvements, but not the land it is built on.

Points for indoor bike storage

The proposal comes after several recent changes the city made to its vacant lot and adaptive reuse incentive program.

One of the changes makes it so that lots currently home to a building as is the case with 309 22nd Street E. are still eligible for the incentive.

Another made it so that projects like the World Trade Center would get points for including indoor bike storage spaces.

"A lot of the uses got points for having secure bicycle parking. [But] a downtown office building? We didn't have that. We added it in there," said Lesley Anderson, the director of planning and development for Saskatoon.

Eyeing early 2020 completion

The plan for the World Trade Center calls for a nine-storey building, including the usual office space and underground parking garage, plus flashier features like a 126-seat lecture theatre and a penthouse floor with workout room.

The project is being developed by Saskatoon-based Canwest Commercial and Land Corporation a group that includes former mayor Don Atchison and is expected to be completed in early 2020.