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SASKATOON, SASKATCHEWAN – The Saskatoon Regional Economic Development Authority (SREDA) manages the City of Saskatoon Business Development Incentives Policy, and actively seeks out businesses that can benefit from the incentives under this policy. This policy helps generate long-term job creation within Saskatoon by supporting business retention and expansion.
Through this policy, qualifying companies looking to establish or grow a business in Saskatoon can make use of various incentives to help maximize their expansion impact, including: exemptions or reductions of any city tax or fee, waiving of utility deposits and down payments on land and exemptions or reductions of prepaid servicing levies.
“The Business Development Incentives Policy is one example of how SREDA supports business growth in the Saskatoon region,” said Alex Fallon, President and CEO of SREDA. “Helping local businesses expand and create new jobs is important due to the positive impact on the Saskatoon region economy.”
In 2015, three local businesses expanding their Saskatoon operations were approved to receive support under this policy: Gemini Freight Systems Inc., Howatt Enterprises Ltd. (Continental Mine & Industry Supply Ltd. and Howatt Consulting Ltd.) and the Saskatchewan Food Industry Development Centre Inc. As a result of utilizing the incentives policy, these businesses collectively intend to expand their operating facilities by 49,000 square feet, create 23 full-time equivalent jobs and invest $26.25 million in land and new building construction.
“With the help of the Business Development Incentives Policy, we were able to invest in expanding our operations in Saskatoon on a site that will allow for additional growth in future years,” said Dan Prefontaine, President of the Saskatchewan Food Industry Development Centre Inc.
Fallon added that over the past 12 years the Business Development Incentives Policy has helped support 1,835 local jobs. An estimated $229.3 million has been invested and 82.6 percent of the companies were already located in Saskatoon prior to investing in expansion.
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For more information about SREDA, please contact:
Erin Lawson, Marketing and Communications Manager
P: (306) 664-0708 E: elawson@sreda.com
The Saskatoon Regional Economic Development Authority (SREDA) helps grow the Saskatoon regional economy by providing programs and services in the areas of business attraction, business retention and expansion, entrepreneurship support, regional planning and marketing of the Saskatoon region. For more information, visit SREDA.com.
