The Town of Banff will spend about $125,000 to develop two new one-bedroom suites for staff housing.
Required housing money of $42,000 from the recreation centre expansion and $83,000 from the staff housing reserve budget will be used to develop units in an unfinished basement at existing accommodation on Cougar Street.
Officials say that in addition to increased rental income, this renovation would also increase the value of the property should the municipality ever decide to sell.
“We’re getting some additional staff housing at a very reasonable cost,” said Mayor Karen Sorensen.
The Town owns the residential duplex at 449 Cougar Street, which is rented out as staff accommodation.
Rental income from the Cougar Street duplex is currently $34,000 a year. It’s estimated it will be about $50,000 once the two suites are built and rented.
When it was built in 2000, the unfinished basement was roughed in with in-floor heating, larger windows and plumbing potential for future development.
At the time of construction, the land use bylaw permitted duplex housing as the most intensive housing type in this land use district; however, the amended bylaw allows up to two suites in duplexes there.
Development issues, including off-street parking, would be addressed as part of the development permit process.
