Red Deer City Council approved the Business Improvement Area (BIA) tax and tax rate bylaw, which funds the Downtown Business Association (DBA), in their regular meeting today.
Following the December 2022 approval of the 2023 DBA operating budget, City Council is required to pass a BIA tax rate bylaw. The bylaw reflects decisions made during budget deliberations and is the final step allowing The City to collect the approved funds on behalf of the DBA.
Approximately one third of taxable businesses, taxed at the minimum tax rate set by the DBA board, will see a five per cent increase, which equates to $10. The remaining businesses will have an average increase of 28 per cent, which, for a BIA taxpayer with an assessment value of $32,100, equates to an increase of $131.
BIA tax notices will be mailed May 23, 2023, and taxes are due June 30, 2023. Outstanding balances will be subject to penalties in accordance with the tax penalty bylaw.
“Downtown is the vibrant heart of Red Deer and downtown businesses are paramount in providing centrally located services, entertainment, and places for our community to connect. It is the place we gather, host festivals, and enjoy arts and culture.” said Mayor Ken Johnston. “The Downtown Business Association is an important partner in helping our community reach this vision, and these funds are necessary to continue momentum and bolster DBA grants and safety initiatives for all.”
The DBA and BIA were established in Red Deer in 1983. The DBA is dedicated to advocating for BIA members, attracting new businesses, and showcasing a rewarding downtown experience. The BIA consists of 373 taxable businesses in a subset of the greater downtown area.
The DBA has 250 events planned for the year, including the weekly Downtown Market that runs on Wednesdays and live performances on Ross Street Patio. More information can be found on the DBA website at www.downtownreddeer.com.