The southern Alberta Village of Rosemary is hoping to spur economic development by selling lots of land previously listed between $25,000 and $30,000 for just $1,000, among other deals on offer.

“We live in a time when the economy is in desperate condition,” Rosemary Mayor Don Gibb said.

“It’s like buying stocks: buy low and sell high and so that’s sort of what we’re trying to do here—trying to attract businesses and people to our community when things are depressed and then as things improve, so will our community.” Tweet This

READ MORE: $10 lots in Delia, Alberta sell out in just a few days

Two of the lots of land in the Village of Rosemary that have been reduced to $1,000 and $1,500. Carolyn Kury de Castillo / Global News

The deals are part of the “Rural Roots” promotion and run until March 31. Town administration hopes to draw entrepreneurs to the village, located 160 kilometres east of Calgary, by offering:

Story continues below advertisement

One 15.25m x 36.6m (50’ x 120’) at 119 Railway Ave. fully serviced lot priced at $25,000 reduced to $10,000, plus GST. A newly developed light industrial (L-1) subdivision on Pheasant Road with seven serviced lots sized between 44.5m x 40.92m and 59.4m x 45.69m at a time-limited promotional price of $25,000, plus GST. A residential subdivision with price drop to $1,000 (seven lots) and $1,500 (three lots), plus GST, depending on location of lot. Regular prices on Cottonwood Crescent range from $25,000 to $30,000 per lot.

The development in question was created 10 years ago, but only 10 lots have sold since then. Construction must start within nine months of the purchase date and building/development restrictions apply during the promotion.

Only one building permit has been issued this year in the 400-person village.

Adminstrative staff say they are willing to take the short-term pain of nearly giving away the land for the long-term payback of taxation.

“[The promotion is] for someone who wants to take a chance on a small business and can’t afford to do it in a larger centre, where the taxes and cost of development—including purchasing your lot and the capital costs—are significantly higher than they are in rural Alberta,” Rosemary administrator Sharon Zacharias said. “At the same time, bring your family with you. We have a great, small family community where kids can still walk to school and ride their bikes.”

Story continues below advertisement

The community is just off the TransCanada highway and is home to a Kindergarten to Grade 12 school, hockey arena and postal service, along with “reliable Internet service.”

“Established businesses have developed Internet and market sales beyond Rosemary’s borders,” village staff said.

With files from Erika Tucker