City of Cranbrook council last night unanimously agreed to direct city administrative staff to begin building a Revitalization Tax Exemption Bylaw that covers the downtown area.

The reason behind the bylaw, initiated Oct. 24, 2011, by the previous council, is to try and spur downtown revitalization by providing tax exemptions for property/business owners.

Additionally, council directed staff to also begin preparing amendments to the city’s C-1 zone to facilitate mixed use commercial/residential in the downtown.

“Council must establish a revitalization program, enter into agreements with property owners, and then exempt their property from taxation once all specified conditions of the program and the agreement have been met,” explained a report to council from city corporate services.

“Exemptions may apply to the value of land or improvements, or both. Councils are free to specify, within their revitalization programs, the amounts and extent of tax exemptions available. A revitalization program may apply to a small area or areas, a certain type of property or properties, a particular activity or circumstance related to a property or properties, or an entire municipality,” corporate services reported, adding, “it is intended that it stimulate investment and revitalization to contribute to community improvement and increased property value.”

City chief administrative officer Will Pearce noted the larger a revitalization project, the more incentive to a property owner.

Taxation deferral for $50,000 project would result in $300 savings, but a $1.5 million building would be $8,000 “of real hard cash in the pocket for the investor.”

Coun. Diana J Scott said downtown revitalization is “of utmost importance” to people in the city. “The downtown is the heart of your community,” she said.

To see a map of the area of the city in question go to: https://cranbrook.civicweb.net/Documents/DocumentList.aspx?ID=2105

Ian Cobb/e-KNOW

Article Share