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File #: 19-403    Version: 1 Name:
Type: Staff Report Status: Passed
File created: 8/22/2019 In control: Council
On agenda: 9/9/2019 Final action: 9/9/2019
Title: Revitalization Tax Exemption Application - 826 Esquimalt Road
Attachments: 1. RTE Bylaw 2852.pdf, 2. Revitalization Tax Exemption Map - Amended Bylaw No. 2887.pdf, 3. RTE Application 826 Esq Road.pdf, 4. Schedule B RTE Agreement - 826 Esquimalt Road

DATE: August 29, 2019 Report No. FIN-19-014
TO: Laurie Hurst, Chief Administrative Officer
FROM: Ian Irvine, Director of Financial Services

Revitalization Tax Exemption Application - 826 Esquimalt Road


That Council approve the application for a Revitalization Tax Exemption for the property located at 826 Esquimalt Road.


Revitalization Tax Exemption Bylaw, 2015, No. 2852
Community Charter s.226


Support revitalization and beautification initiatives along Esquimalt Road


Based on the Economic Development Strategy and further work by the Economic Development Select Committee, Revitalization Tax Exemption Bylaw, 2015, No. 2852 was adopted. This Bylaw was identified as one of the strategies to drive the revitalization of Esquimalt Road through beautification, development and incentive programs. One of the objectives identified was to encourage the construction of new buildings located in the defined revitalization area.

Under the Bylaw, for projects to be considered for an exemption by Council, they must (i) be the subject of a building permit for new construction or an alteration of existing building, (ii) have a permit value of at least $10,000, and (iii) be located within the defined revitalization area on a parcel that is zoned for commercial use or zoned to permit residential use with four or more dwellings at the completion of the project. As well, the application must be accompanied by details of the project, certification that the value of the work exceeds $10,000, and confirmation that there are no outstanding taxes, charges or fees associated with the property.

In accordance with the Bylaw, approved applications would be eligible for an annual exemption from municipal taxation for a 10 year period, the maximum allowable under the Community Charter. Each year during this period, the incremental assessed value o...

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