City of Cranbrook council Nov. 25 unanimously passed the first three readings of a bylaw that will establish the use of net parking revenue to be applied to downtown revitalization.

Application of Parking Funds Amendment Bylaw No. 3992, 2019, outlines how net parking revenue can be used for facilities and services supportive of downtown revitalization.

This amendment would be on top of the allowance of the net parking revenue within the downtown core being used for facilities and services support of parking downtown.
This would allow access to money collected and set aside in the downtown parking reserve to be used to leverage grants specified for downtown revitalization projects as well as to fund the various downtown vibrancy projects included in the five year plan, city staff reported.

As at December 31, 2018 the balance in the downtown parking reserve was $792,770.

“I’m glad the money is still staying downtown – and going toward downtown revitalization as opposed to being spent on other things,” said Coun. Mike Peabody.

Coun John Hudak agreed. “Knowing that it will be applied to our downtown revitalization – it’s a priority with this council.”

Downtown revitalization is identified in the city’s Official Community Plan as a city objective to encourage new investment, enhance the economy, bring more residents to live in the downtown and to make the downtown more appealing to both residents and visitors. Enhancing downtown vibrancy is also one of the focus areas identified by council in its recent Draft Council Priority document.

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