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City supporting housing on Victoria and downtown revitalization
The City of Cranbrook is moving forward with two new revitalization tax exemption bylaws aimed at encouraging new high-density housing along the Victoria Avenue corridor and continuing to improve Cranbrook’s downtown.
On Monday night (June 23), city council adopted both the Downtown Revitalization Tax Exemption Bylaw and the Victoria Avenue Corridor Revitalization Tax Exemption Bylaw.
These new bylaws will offer property tax exemptions to property owners who invest in eligible new developments or improvements. These programs are designed to make it more attractive for developers and business owners to build or renovate helping bring more residents, businesses, and activity to these areas.
“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,” said 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.”
In the downtown, the new bylaw supports a range of qualifying projects, including:
- New commercial or mixed-use buildings valued at $1 million or more;
- Renovations to existing buildings worth at least $50,000; and
- Exterior façade improvements valued at $5,000 or more.
Depending on the type of project, those who apply and qualify may receive between 80% and 100% exemption on the municipal portion of their property taxes for up to five years.
For the Victoria Avenue corridor, the focus is on new medium and high-density residential or mixed-use residential/commercial buildings.
To qualify, projects must include at least five living spaces and have a minimum construction value of $1 million. These developments will also be eligible for a five-year tax exemption, starting at 100% in the first year and gradually decreasing to 20% by the fifth year.
More information about the programs and application process details will be made available in the coming weeks.
Lead image: Victoria Avenue. e-KNOW file photo
City of Cranbrook
