Red Deer City Council approved the Business Improvement Area (BIA) tax rate bylaw, which funds the Downtown Business Association (DBA), at their regular meeting today.
Following the approval of the 2024 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, or $10.09. The remaining businesses will have an average increase of 0.66 per cent, which, for a BIA taxpayer with an assessment value of $32,100, equates to an increase of $4. The increase to the minimum tax levy was proposed by the DBA board as part of their 2024 budget and was approved by Council on December 4, 2023.
“Downtown is the heart of Red Deer, providing centrally located services, entertainment venues and places for our community to gather and connect,” said Mayor Ken Johnston. “The Downtown Business Association is an important partner in helping our community reach the vision outlined in the Downtown Activation Playbook and The City’s Strategic Plan. These funds are necessary to continue momentum and bolster DBA initiatives which benefit all Red Deerians.”
BIA tax notices will be mailed May 22, 2024, and taxes are due June 28, 2024. Outstanding balances will be subject to penalties in accordance with the tax penalty bylaw.
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 367 taxable businesses in a subset of the greater downtown area. More information can be found on the DBA website, downtownreddeer.com.