By Steve Kidd - Penticton Western News Published: October 18, 2012 2:00 PM
Starting next year, seven Penticton businesses will enjoy five
years of tax breaks, thanks to a bylaw the city introduced in 2010 to
spur economic development. The economic investment zone bylaw was introduced
as a response to the ongoing economic downturn, attempting to stimulate
new construction or renovations in the city’s hotel and motel industry,
downtown core and manufacturing and industrial areas through a set of
incentives. Non-profit, low-income housing and green developments
meeting certain criteria were also on the list to receive the
incentives. Those incentives include up to a 100 per cent tax
relief for a five-year period and reductions in building permit fees as
well as development cost charges. However, the tax breaks only kick in
upon successful competition of the project. Anthony Haddad, director of
development services, presented council with a list of projects that
have qualified under the bylaw, ranging from a $150,000 addition to a
$1.12 million new building. Tax breaks for the improvements to these
properties range from $1,000 annually for a pool addition to $7,000
annually for the construction of an Okanagan Avenue building. In total,
the City of Penticton will be discounting the taxes for these seven
businesses by $23,600 each year, for a total of $118,000 over the
five-year term. (more)
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