Cranbrook council is moving forward with two bylaws that will encourage development in town.
The Downtown Revitalization Tax Exemption Bylaw will focus on new commercial and mixed use projects in the downtown core as well as renovations to existing properties.
For new commercial, there would be a tax exemption for 80 per cent of the municipal share of property tax.
More details on the downtown exemption bylaw can be found here.
The exemptions would be for a 5 year period, with the program ending in 2030.
The Victoria Avenue Corridor Revitalization Tax Exemption Bylaw is focused more on residential builds.
For new medium or high density multi-unit residential or mixed-use developments with at least five dwelling units there would be a 100 per cent exemption in year one that would go down by 20 per cent each year after that.
More information on this bylaw can be found here.
Mayor Wayne Price says the city isn’t in a spot to reduce its development cost charges, but this is an alternative to speed up developments.
“Looking at tighter budget trends and less senior government support that we’ve been seeing over the last number of years, I think this is a really good move,” he said.
“We’re at a time and place where I don’t think we could reduce our DCCs, but certainly this incentive bylaw is a good offset to encourage development.”
With the bylaws getting three readings, they will both be up for adoption at a future council meeting.
Be the first to know! Don’t miss out on breaking news and daily updates in your area. Sign up to MyEastKootenayNow News Alerts.
