Council is pushing ahead with a Revitalization Tax Bylaw it says in a statement will be useful in encouraging community development.
In a recent report to Council, City staff outlined the benefits of such a bylaw explaining that revitalization tax exemption bylaws are useful tools to encourage community development that meet its goals and objectives. The report encouraged Council to consider the full implications of utilizing such a tool in a broader context, balancing the promotion of new businesses with fairness and equality for existing businesses.
Council has scheduled time at a Community Goals and Objectives Workshop on March 11with the intention to develop a revitalization tax exemption bylaw and related policy.
“Council is keen to move forward with this bylaw that will assist economic development and create a positive environment for developing business within the City of Revelstoke,” Mayor David Raven said in a statement released Tuesday morning, February 4.
The proposed Tax Revitalization Bylaw was conceived after Mount Begbie Brewery expressed concern about its ability to remain in Revelstoke. The brewery wants to relocate to land beside the Railway Museum but worries that its property taxes will be too high. High taxation is a major concern in Revelstoke. Without some kind of tax relief, Brewery owner Bart Larson says he might have to move his business to Salmon Arm.
The statement said the revitalization tax exemption bylaw is intended to accomplish Council’s objectives by providing property tax relief assistance to property owners who undertake developments within the City.
Staff presented Council with a number of factors to contemplate while developing the revitalization bylaw including that the proposed bylaw may be based on a geographical area, or a particular use or even a particular type of building.