Smithers council has proposed a Revitalization Exemption Program meant to encourage mixed use development of residential and commercial buildings downtown.
It gives municipal tax exemptions of five years to renovations or new construction of buildings downtown that include both commercial and residential space. The exemption is discontinued if the residential space is removed.
Downtown is defined as Highway 16 to Railway Avenue, from Queen Street to King Street.
Stakeholders including the Smithers District Chamber of Commerce are being consulted now and have until Feb. 7 to submit thoughts ahead of a Feb. 20 meeting with council.
The proposal:
- A five-year municipal tax exemption on 100 per cent of the increase in the assessed value of the building over the previous year, resulting from a renovation of an existing downtown commercial or mixed-use commercial/residential buildings where at least 50 per cent of the renovation value is related to residential renovations, upgrades and/or additions.
- A five-year municipal tax exemption on 75 per cent of the assessed value of the building over the previous year, resulting from the construction of a new downtown mixed-use commercial/residential building which includes one residential unit.
- A five-year municipal tax exemption on 100 per cent of the assessed value of the building over the previous year, resulting from the construction of a new downtown mixed-use commercial/residential building which includes two or more residential units.