New focus, energy and investment are being brought to downtown Cranbrook and Victoria Avenue area.
With businesses retiring or transitioning, the City of Cranbrook says now is the ideal time for new investments and development. For those looking to build or improve existing construction in Downtown Cranbrook or along Victoria Avenue, the city is offering assistance that may apply to you.
The Cranbrook Chamber of Commerce partnered with the City of Cranbrook & Cranbrook’s Downtown Business Association to host an information meeting Wednesday, Nov. 19, to discuss revitalization goals and tax exemption programs.
The Downtown Business Association (DBA) says its aim is to build a safe and vibrant place for people to live and work. Downtown Cranbrook along with the Victoria Avenue corridor are the focus for revitalization efforts because those areas serve as the economic engine of Cranbrook and are the face of the community.
Downtown Cranbrook is a compact, walkable area that is home to many local independent businesses. The city and the DBA say maintaining a vibrant downtown has a broad positive impact.
“When downtown looks alive, people believe that the whole city is thriving, and I think that’s what we are starting to see.” said owner of Hush Home Furnishings and DBA’s Joey Hoechsmann.
The program’s incentives include over $1 million of new commercial, residential or mixed-use development, renovation projects worth over $50,000 and surface upgrades valued at $5,000 or more. Projects that include at least five living spaces totaling over $1 million, certain projects may also be eligible for tax exemptions in the revitalization areas.
By providing 5 year exemptions to the municipal portion of property taxes on certain projects the City hopes to encourage people to build and invest in the downtown area. The partnering organizations want the public to be able to make informed decisions regarding their businesses by making sure their questions are answered.
Visit ChooseCranbrook.ca for more information.
