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Revitalization Tax Exemption Bylaw No. 2035, 2012
Revitalization Tax Exemption Bylaw No. 2035, 2013
- On May 10, 2011, Council adopted an amendment to the Official Community Plan (OCP) to add the Sustainable Downtown Peachland Plan.
- “The Sustainable Downtown Peachland Plan (2010) updates and enhances many aspects of the Beach Avenue Neighborhood Plan and outlines a vision and design concept for the future of downtown Peachland. An implementation strategy for a redevelopment area often includes items like tax incentives and other related revitalization incentives.
- The Community Charter provides municipalities the ability to offer revitalization tax exemption opportunities by bylaw.
- A successful Revitalization Tax Exemption (RTE) program is one that meets the communities’ goals with respect to attracting investment that might not otherwise happen on its own, or in the time frame desired and minimizes the risk of unnecessarily forgoing much needed tax revenues and having this burden allocated onto other tax payers.
- Peachland’s RTE focuses revitalization incentives in the existing downtown area and could be attractive to many existing businesses considering renovations or new construction and is highly competitive with neighbouring municipalities.
- the bylaw has been developed with input from the Peachland Economic Development Committee.
RTE Bylaw Considerations:
- The areas applicable to the RTE bylaw are from the Princeton Avenue intersection to 4th Street (a detailed map is included as part of the bylaw).
- A required minimum construction value of $50,000 for new improvement (building) or alteration of an existing improvement.
- The tax exemption is applied to the increased assessed value of improvements only.
- Provides for 5 years of 100% exemption of municipal property taxes (on the increased value) and an additional 5 years declining by 20% per year (year 10 – no exemption) for commercial properties.
- Commercial, as well as residential properties located above ground floor commercial developments are eligible.
- A time limitation for construction commencement must be established by December 31, 2016 and completion (occupancy) be required by December 31, 2018.
- Residential (above ground floor commercial) tax exemptions is limited to 5 years at 50% of the municipal property taxes.
- Applicable businesses who apply and meet the criteria set out in the bylaw will enter into an agreement with the District.
- If the Tax Exemption agreement is cancelled, the owner of the parcel will remit to the District an amount equal to the value of any exemption revived after the date of the cancellation.
Please contact the Planning and Development Services Department for further information at 250-767-2647