Tax holiday for Frontenac apartments going before city council

Regina's Frontenac apartments may receive a $400,000 tax break for renovations if the recommendation is approved by city council on Sept. 26.

The building was designated a municipal heritage property earlier this year and under city policy, tax exemptions are given for renovations that improve these properties' heritage characteristics.

The building is located at 2022 Lorne Street, southwest of Victoria Park, and is undergoing about $2 million worth of renovations.

The report going before city council asks that a tax exemption be given for the renovations in an amount equal to the lesser of two options: either 50 per cent of eligible costs of the work, or an amount equal to the total property taxes for 10 years.

The eligible costs of work include any renovations that are done to improve the characteristics that give the building status as a heritage property.

The 10-year property tax holiday would start at around $30,000. Assuming annual tax increases, the amount will total around $395,000 over the decade.

If the property tax exemption is approved, there are several conditions:

• The property must retain its status as a Municipal Heritage Property
• The property owner must submit documentation of actual costs incurred in completing work identified as conservation work. The city may decline any cost overrun if it is considered not to reasonably incurred.
• The work that is completed and invoices submitted by Sept. 30 each year would be eligible for an exemption the following year for up to 50 per cent of the cost of approved work.

The four-storey buff-coloured brick building was built in 1929 and is noted for its Spanish colonial revival style and red tile roof.