Whitehorse city council is considering granting $91,000 to a local developer.
At council’s July 19 meeting, members were presented with a recommendation that a development incentive be approved for a four building development planned for 213 Keno Way in Whistle Bend.
Evergreen Homes and Construction is building the Silver Flats condo development there. It would feature a total of 42 units in four buildings.
As noted on the Silver Flats website, four units would be studios with the remaining 38 being two-bedroom units, two of which would be fully accessible.
Studio units start at $239,000 with the two-bedroom units starting at $349,000. It’s anticipated the development will be finished in January 2022.
Kinden Kosick, the city’s subdivision and lands coordinator, told council the project meets the requirements for the Comprehensive Multiple Family 2 (RCM2) zone development incentive.
That incentive provides a grant to the developer for a reduction in development cost charges if the density of the development is more than the minimum required.
In this case, the minimum number of units required would be 40.
The incentive would be valued at $91,770, Kosick said.
As he explained, the incentive policy is “meant to encourage rental and supportive housing and smaller, denser housing forms in targeted areas.
“Under this policy, developments that meet the specified criteria are eligible for a reduction of development cost charges, a yearly monetary grant from the city, or both. The value of the grant is based on the increase in taxation due to the improvements on the property.”
This project is eligible for the reduction in development cost charges, Kosick said.
Council will vote July 26 on whether to approve the incentive.
Contact Stephanie Waddell at stephanie.waddell@yukon-news.com