Canal Flats is open for business
New Bylaw Offers to Waive Municipal Taxation on new Business and Light Industrial Developments
With an ambitious target to re-establish a permanent population of 1,000 residents, and work long-term toward increasing its non-residential tax base, the Village of Canal Flats recently adopted a business-friendly bylaw which offers to waive the municipal portion of property taxes for many new commercial developments in the village.
“Jobs are key and critical to keeping the village sustainable, and this new bylaw is a strong play to get more business accelerated,” said Canal Flats Mayor Karl Sterzer.
Under the new bylaw businesses or light industrial enterprises which invest in new business space developments, or improvements of an existing business space, of $50,000 or more are eligible. The program is up to six years, on a reverse sliding scale and breaks down as follows: Years one to three, 100% of new assessment waived; Year four, 80% of new assessment waived; Year five, 60% of new assessment waived; and year six, 40% of new assessment waived.
Canal Flats’ Revitalization Tax Incentive Bylaw is novel in B.C. for its not being tied to geography (it applies in any suitably-zoned location in the Village) and its combination of business and light industrial applications.
It looks to build from and support Canal Flats’ key amenities – industrial land availability, ample water, fibre optic connectivity, affordable living, and low business costs — in addition to the village’s high quality of life.
Property owners must apply to and enter into agreement with the village, projects must be consistent with applicable zoning, and all property tax accounts must be up to date.
Revitalization Tax Incentive Bylaw are authorized in British Columbia under the Community Charter. Canal Flats’ bylaw is available HERE.