REQUEST FOR DECISION
DATE: September 27, 2022 Report No. FIN-22-014
TO: Laurie Hurst, Chief Administrative Officer
FROM: Ian Irvine, Director of Financial Services
SUBJECT:
Title
Revitalization Tax Exemption Application- 901 Esquimalt Road
End
RECOMMENDATION:
Recommendation
That Council deny the revitalization tax exemption application attached to Staff Report FIN-22-014.
Body
RELEVANT POLICY:
Revitalization Tax Exemption Bylaw, 2015, No. 2852
Community Charter S.226
STRATEGIC RELEVANCE:
Support revitalization and beautification initiatives along Esquimalt Road
BACKGROUND:
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. The stated reason for the Bylaw was to encourage the construction of new buildings and exterior alterations and improvements of existing buildings located in the 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 an 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 period of up to 10 years, the maximum allowable under the Community Charter. Each year ...
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