New Strathcona County incentive bylaws aimed at petrochemical and energy industry attraction

Strathcona County Council has approved two new bylaws designed to attract major investment to the region. The Heartland Incentive Program and Strathcona Industrial Area Incentive Program bylaws complement Strathcona County’s highly attractive access to abundant cost-advantaged feedstock, a world-class petrochemical cluster, and industrial areas with built-out infrastructure.

“Strathcona County continues to look for ways to be the best place for petrochemical and energy investment,” says Strathcona County Mayor Rod Frank. “We are considering every policy, regulatory and fiscal tool we can to diversify the region’s industry and economy, and to get our residents back to work.”

The bylaws allow new projects and expansion projects within the energy sector that choose to locate in Strathcona County, and meet eligibility criteria, to apply for a tax exemption equivalent to up to one per cent of total eligible capital costs. They align with the Alberta Petrochemical Incentive Program, which provides grants worth 12 per cent of a project’s eligible capital costs, to compete on a global stage for major industrial investment.

The Heartland Incentive Program, developed in collaboration with Alberta’s Industrial Heartland Association and partner municipalities, was the model for the Strathcona Industrial Area Incentive Program.

Council approved the Heartland Incentive Program on January 1, 2021, and the Strathcona Industrial Area Incentive Program on June 15, 2021.

“Alignment across all levels of government is needed to attract large-scale, long life, value-add energy investments to our region,” says Mayor Frank. “Sustainable development and growth in the energy industry has allowed our community to maintain a very high quality of life for our residents. We are especially proud of the high standards of environmental responsibility our industry partners are committed to, from carbon capture, to lower emissions and to cogeneration.”

Strathcona County was recognized in May 2021 for its efforts in regional economic diversification by the Economic Developers Association of Alberta, with a business investment and attraction award of excellence for the Heartland Incentive Program.

More information: https://www.strathcona.ca/business-and-development/development/industrial-development/industrial-development-incentives/

Set in the centre of Alberta’s energy and agricultural heartland, Strathcona County is a thriving, successful and vibrant community of over 98,000 residents. Strathcona County is made up of the urban area of Sherwood Park and a large adjacent rural area of farms, acreages and smaller hamlets. It is home to 75 per cent of hydrocarbon processing in Western Canada. Strathcona County is a leader in environmental conservation, and 55 per cent of its land is within the UNESCO Beaver Hills Biosphere. With a focus on economic, governance, social, cultural and environmental sustainability, Strathcona County is committed to balancing the unique needs of its diverse community.
 

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Contact: Strathcona County Communications, 780-410-6595