News

Incentive promotes Vernon city centre/waterfront area development

A financial carrot is being dangled in front of potential developers in Vernon.

Council agreed Monday to provide tax exemptions to encourage revitalization projects in the city centre district and the Lakeshore Road waterfront area.

“We don’t have many tools to implement the official community plan and this is one of them,” said Coun. Juliette Cunningham.

“If we don’t do this, nothing will change.”

In both areas, a 10-year tax exemption is possible for redevelopment but that will start to decline annually after the fifth year.

The exemption will be based on the difference between the assessed value before and after the project is completed.

As an example, a property assessed at $500,000 may be valued at $1.5 million after redevelopment. That means the tax exemption will be $1 million.

“We want to encourage development to happen sooner than if it’s  left to its own,” said Kevin Poole, economic development manager.

While other B.C. communities have only offered five-year exemptions, Poole believes 10 years is critical.

“The goal is to reward people for following the (official community) plan,” he said.

“We want to make sure it’s worthwhile for developers to take advantage of it.”

In terms of the city centre/downtown core, tax exemptions will be available for new construction as well as facade improvements and major interior upgrades in new buildings. Residential housing will be promoted.

For the waterfront area, only commercial activities, such as hotels, will be considered for the exemption.

“This is something we’ve talked about for a year,” said Coun. Mary-Jo O’Keefe of tax breaks to stimulate growth in specific neighbourhoods.

“Anything we can do to help in these areas will be a benefit.”

The exemption policy will be reviewed at the end of 2014.

 

 

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.

You might like ...

GMO rally sends a message
 
Election 2014: Candidates square off
 
Election 2014: Economy dominates Vernon forum
NDP Leader tours Teck mines
 
Penticton neighbourhood up in signs
 
Rotary connector trail extension enhances Rails to Trails project
Prince Rupert students complete work on healing and reconciliation gift to government
 
Liberals, NDP spar over MMBC recycling rollout
 
Who says no free ride

Community Events, October 2014

Add an Event

Read the latest eEdition

Browse the print edition page by page, including stories and ads.

Oct 31 edition online now. Browse the archives.