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City eyes Tax Exemption Program
The City of Kimberley council intends to adopt a Revitalization Tax Exemption Program pursuant to Section 226 of the Community Charter.
Council wishes to establish the revitalization tax exemption program by adopting the Kimberley Investment Incentive Program Bylaw No. 2558 to encourage commercial, industrial, and mixed commercial/residential investment to achieve a range of economic, social and environmental objectives.
The program allows for the granting of tax exemption, in accordance with the requirements of the Bylaw, to encourage investment in the designated investment incentive areas in support of the following objectives: To enhance visual appeal and vitality; support business growth and to expand employment opportunities and to improve environmental condition of brownfield sites and to increase the supply of development-ready lands available to support growth in the local economy.
The program is intended to achieve the objectives by providing relief from the incremental increase in municipal portion of property taxes resulting from the increased property values after a commercial, industrial or mixed commercial/residential project is completed or by providing relief from the municipal portion of property taxes while a project involving environmental investigation or remediation activity is in progress. The total tax exemption must not exceed the total cost of the project.
The following types of projects may be eligible under the program:
· New construction or alterations to an existing building resulting in a net increase of floor area;
· Exterior improvements to an existing building involving all facades visible from a public street, road, lane, sidewalk or parking lot and subject to a development permit; or
· A project involving work to investigate or remediate the environmental condition of a parcel with a project value of at least $10,000.
The maximum term of annual tax exemption for a qualifying project in a designated investment incentive area is:
· A three-year term for a project assessed as Class 6 – Business and Other;
· A three-year term for a project assessed with a split classification of Class 1 – Residential and Class 6 – Business and Other;
· A five-year term for a project assessed as Class 4 – Major Industry or Class 5 – Light Industry; or
· A three-year term for a project involving environmental investigation or remediation activity.
An owner of a parcel that wishes to qualify for a tax exemption must submit an application in accordance with the requirements set out in the bylaw.
The revitalization tax exemption program will apply to properties in the designated investment incentive areas shown in Schedules “A-1, A-2 or A-3” attached to the bylaw.
A copy of the proposed Kimberley Investment Incentive Program Bylaw No. 2558 and supporting documentation may be inspected at City Hall, 340 Spokane Street, Kimberley, from 8:30 a.m. to 4:30 p.m. weekdays until Monday, October 24.
For more information, please visit the City’s website at www.kimberley.ca or contact Planning Services at City Hall, 250-427-9664 or[email protected](link sends e-mail).
City of Kimberley
