Lumby considers tax incentives
Lumby’s economy could receive a boost through tax breaks.
Council instructed staff to investigate the possibility of a revitalization tax exemption for businesses and developers.
“We want to encourage capital investment in the industrial park and commercial areas,” said Mayor Kevin Acton.
“We need to get some jobs here at home and that’s what we’re going to try and do.”
Coun. Jo Anne Fisher supports gathering information but points out that tax incentives ultimately have to be paid by someone.
“I don’t want it to be a burden born by residential taxpayers,” she said.
“If it’s done correctly, it could be very beneficial. We definitely need some economic development and I want to hear what the business community has to say about this (incentives).”
Lumby will look at the actions taken by other communities that have initiated tax exemptions as part of an overall plan to stimulate the economy.
“We will look at Fernie, Clearwater and Logan Lake,” said Acton of similar sized communities in the province.
Vernon has also gone through a similar process for its downtown and waterfront areas.
Acton believes tax incentives could help develop long-standing vacant lots, as well as the former Nap’s building, which was destroyed by fire earlier this year.
“It could give them the incentive to build something there,” he said.