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Council Matters - May 15, 2013
May 16, 2013
At its May 15, 2013, regular meeting, Council passed third reading ofTax Revitalization Bylaw No. 3488. This bylaw recognizes that in uncertain economic times, we are faced with stagnating commercial core areas and underutilized industrial lands.
The bylaw includes maps of the affected areas of Chemainus, Crofton and the south end of North Cowichan. Any property located in the designated industrial lands is eligible to receive a 10 year exemption of general municipal property taxes for improvements worth at least $250,000 or improvements valued at a minimum of $50,000 and resulting in a 25% reduction in greenhouse gas emissions.
In the commercial core areas, any residential or mixed commercial and residential project with a minimum density of 100 units per hectare is eligible for a waiver of water, sewer and road Development Cost Charges and for 5 years, waiver of general municipal property taxes.
We believe that offering incentives in these key areas will stimulate the local economy, encourage new commercial and residential mixed use development to locate within existing commercial core areas, increase the Municipal tax base over the long term, encourage development of industrial land and encourage developments with low environmental impact.
Providing incentives for these developments follows the direction established in our Official Community Plan to have sustainable communities in our core areas where we can offer more services at less cost and reduce the environmental footprint of development. Investors are taking note and we expect to see several projects move ahead in the near future because of this bylaw.