To encourage the economic revitalization and economic growth of the Town of Creston, which includes investment and employment opportunities, Council intends to establish a Revitalization Tax Exemption Program, as per Section 226 of the Community Charter. The Program is for the development of new commercial businesses or the redevelopment of existing commercial businesses. Upon adoption of Bylaw No. 1821, the Town will accept applications for a Revitalization Tax Exemption only in the years 2015, 2016 and 2017, and no applications will be accepted after August 31, 2017.
The reasons for creating the Revitalization Tax Exemption Program are as follows:
a) Council recognizes that a critical component of the continued economic revitalization and growth of the Town is to build upon the success of its prior initiatives by encouraging the development of new commercial businesses, or the redevelopment of existing commercial businesses in the Town’s zones that permit commercial uses, which will stimulate investment in the Town and provide new employment opportunities and commercial services for its existing and future residents, thereby attracting further economic growth and increasing the Town’s tax base;
b) the Town of Creston’s Official Community Plan identifies the commercial objective of creating a strong and vibrant commercial economy in the Town of Creston; and,
c) the Town of Creston’s 2015 Corporate Strategic Plan identifies economic development as a corporate priority.
The objectives of the Revitalization Tax Exemption Program are to:
a) encourage new commercial businesses in new and renovated buildings in the Town’s zones that permit commercial uses and thereby establish the commercial services and the investment and employment opportunities that will attract additional investment and economic growth to the Town of Creston; and
b) reinforce the municipality’s “open for business” approach and attract redevelopment and new development of commercial businesses within the municipality.
Eligible improvements means
.i an existing building, used only for an eligible use, on appropriately zoned land and having a renovation project value of $50,000.00 or greater, as determined by the Town’s Chief Building Official, and for which a valid Building Permit has been issued by the Town; or
.ii a new building used only for an eligible use, that is constructed on appropriately zoned land and having a construction project value of $150,000.00 or greater, as determined by the Town’s Chief Building Official, and for which a valid Building Permit has been issued by the Town.
Council will be considering first, second and third readings to Revitalization Tax Exemption Bylaw No. 1821 at the June 10, 2015 Regular Council Meeting, and adoption at the June 23, 2015 Regular Council Meeting.
Further information is available upon request at Town Hall, 238 – 10th Avenue North, Creston, 250-428-2214, Ext. 226.