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Village of Canal Flats adopts business-friendly bylaw, aims to spur population growth

Cranbrook, BC, Canada / 102.9 Rewind Radio
Marvin Perry
Sep 16, 2021 | 1:40 PM
Village of Canal Flats adopts business-friendly bylaw, aims to spur population growth


The Village of Canal Flats is working to re-establish a permanent population of 1,000 residents while building its non-residential tax base.

The Village says it has adopted a business-friendly bylaw which offers to waive the municipal portion of property taxes for new commercial developments.

The Canal Flats Revitalization Tax Incentive Bylaw business or light industrial enterprises who invest in new business space developments, or improving existing spaces, are eligible at a minimum investment of $50,000.

You must apply to enter into an agreement with the Village to take part in the program, and your property tax accounts must be up to date.

Find more information from the Village of Canal Flats below:

Canal Flats Wants Your Business! With an ambitious target to re-establish a permanent population of 1,000 residents,…

Posted by Village of Canal Flats on Wednesday, September 15, 2021

Canal Flats Wants Your Business!
With an ambitious target to re-establish a permanent population of 1,000 residents, and work long-term toward increasing its non-residential tax base, the Village of Canal Flats recently adopted a business-friendly bylaw which offers to waive the municipal portion of property taxes for many new commercial developments in the Village.
“Jobs are key and critical to keeping the Village sustainable, and this new bylaw is a strong play to get more business accelerated,” said Canal Flats Mayor Karl Sterzer.
Under Canal Flats new Revitalization Tax Incentive Bylaw businesses or light industrial enterprises which invest in new business space developments, or improvements of an existing business space, of $50,000 or more are eligible. The program is up to six years, on a reverse sliding scale, and breaks down as follows: Years 1-3, 100% of new assessment waived; Year 4, 80% of new assessment waived; Year 5, 60% of new assessment waived; and year 6, 40% of new assessment waived.
The bylaw is novel in BC for its not being tied to geography (it applies in any suitably-zoned location in the Village) and its combination of business and light industrial applications.
It looks to build from and support Canal Flats’ key amenities – industrial land availability, ample water, fibre optic connectivity, affordable living, and low business costs — in addition to the Village’s high quality of life.
Property owners must apply to and enter into agreement with the Village and all property tax accounts must be up to date.
Revitalization Tax Incentive Bylaw are authorized in British Columbia under the Community Charter. Canal Flats’ bylaw is available at https://canalflats.civicweb.net/filepro/documents/108…

– Includes files and statement from Village of Canal Flats, Village of Canal Flats’ Facebook page, image from Village of Canal Flats’ website

 

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