Two bylaws to speed up commercial and residential development have been adopted by the City of Cranbrook.
The Victoria Avenue Corridor Revitalization Tax Exemption Bylaw focuses on residential builds.
Meaning, 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.
The Downtown Revitalization Tax Exemption Bylaw is for new commercial and mixed use projects in the downtown core as well as renovations to existing properties.
For new commercial developments, there would be a tax exemption for 80 per cent of the municipal share of property tax for the first year and go down by 20 per cent each year after that.
“These revitalization tax exemption programs align with our new Official Community Plan and the Downtown Revitalization Master Plan and are an important part of our overall efforts to create more housing options and support growing our economy,” says Mayor Wayne Price.
“This is a major positive step forward and I am very optimistic that our business and development community will take full advantage of these programs. I thank our staff for all their hard work getting these tax exemption programs off the ground.”
City staff say more information about the programs and application process details will be released in the coming weeks.
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