Details surrounding the Well Inc. tax burden revealed

The controversial Well Inc. consortium project, by itself, would represent a 0.88 per cent tax increase for Sherbrooke homeowners. This would translate into a first-year tax increase of about $20 for an average single family. This figure is part of the analysis made public Tuesday morning on the City’s website. The complete financial framework for the project is available as is a second version of the private project and a fact sheet on incentive programs.

The Well Inc. project consists of the reconstruction of the parking lot on Depot Street, the construction of a public square and two towers on Wellington Street South.

By way of contrast, tax bills would increase by around $9.47 if council were to choose to repeat the status quo with an identical reconstruction of the current multi-level parking lot.

The entire Wellington South revitalization project, which would include a complete redevelopment of the street, would represent a tax increase of 1.21 per cent, or $26.89 in the first year. Projections by the City suggest that the effects on property taxes would decrease with time.

The new project released by the City now has 715 parking spaces and a 42,000 square foot public square.

The Well Inc consortium has to present its project to a Council workshop on Monday, February 12 so that a decision can be made at the meeting of February 19.