Thunder Bay city staff have proposed plans for using nearly $453,000 from the city's new assessment growth reserve fund. The proposed expenditures include funding for the Smart Growth Action Plan and legal resources to manage increased workload related to housing and development. This marks the beginning of a conversation between administration and city council about how to manage assessment growth revenues.
THUNDER BAY — Although it won't exist until the budget is ratified, city staff already have plans for close to half a million dollars in funding from the city's new assessment growth reserve fund.
The other half will be put toward “legal resources to accommodate the additional workload associated with enhanced housing, development, and growth-related activities,” said Greaves. Assessment growth refers to additional property taxes collected from new and expanded homes and businesses. The city is expecting to collect just over $219 million in total municipal property taxes this year, $1.7 million of that would come from assessment growth.
ASSESSMENT GROWTH SMART GROWTH CITY COUNCIL THUNDER BAY DEVELOPMENT
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