Cranbrook City Council has adopted two new revitalization tax exemption bylaws aimed at supporting development in the downtown core and along the Victoria Avenue corridor.
The Downtown Revitalization Tax Exemption Bylaw applies to projects such as:
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New commercial or mixed-use buildings valued at $1 million or more,
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Renovations to existing buildings of at least $50,000, and
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Façade improvements starting at $5,000.
Qualifying applicants may receive between 80% and 100% exemption on the municipal portion of their property taxes for up to five years.
The Victoria Avenue Corridor Revitalization Tax Exemption Bylaw is intended to encourage new high-density housing or mixed-use developments.
Projects must include at least five residential units and have a minimum construction value of $1 million.
Approved developments can receive a five-year tax exemption, beginning with 100% in year one, decreasing by 20% each year.
The bylaws are aligned with the City’s Official Community Plan and Downtown Revitalization Master Plan.
Application details and program guidelines are expected to be released in the coming weeks.
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