In order for a project to be considered by Council for a Tax Exemption it must meet the following criteria:     
   a. For commercial projects, the project must involve construction that results in floor space being                added to an existing building or in a new building being constructed on the property;
   b. The construction value for commercial projects, as determined based on the building permit(s)                issued, must be $200,000.00 or greater;
   c. Residential projects in Downtown Revitalization Area 2 must include four (4) residential units or                more;
   d. the land use into which the project is intended to fit must be one of the uses permitted in the                    applicable zone for the property, as set out in City of Courtenay Zoning Bylaw 2500, 2007, as                  amended from time to time, and the project must meet all other applicable City policies and                    bylaws;
   e. the owner of the property must enter into an Agreement with the City;
   f.  the property must be located in one of the Revitalization Areas shown on Schedule “A” of Bylaw.              No. 2937;
   g. Any construction of a project undertaken prior to the application for a Revitalization Tax Exemption          will not be eligible for consideration;
   h. Properties currently receiving a municipal tax exemption shall not be considered by Council for a            Tax Exemption.
   i. Projects involving properties with any unpaid property taxes in arrears shall not be considered by             Council for a Tax Exemption.
   j. The maximum Revitalization Tax Exemption authorized under this Bylaw must not exceed the                  increase in the assessed value of the improvements on the property between;
          i. The calendar year before the project began; and
         ii. The calendar year in which the project is completed.

The amount of the tax exemption is:
    a. 100% of the Revitalization Amount on the property for Residential Development containing four              (4) or more dwelling units;
    b. 50% of the Revitalization Amount on the property for Commercial developments
The term of the tax exemption is: 
    a. 5 Years for a project that is a commercial, residential or mixed-use development
    b. 8 years for a project that is a residential, or mixed-use building where the Owner enters into a                 Housing Agreement pursuant to s. 483 of the Local Government Act to:
            i. Secure 10% of the residential units (minimum 1 unit) as affordable housing units; and
           ii. Restricts the rents, lease, sale or share prices that may be charged for the units at 30% below                  market rates.

If a property that has benefited from a tax exemption under the Revitalization Tax Exemption Program ceases to meet all the conditions of the Tax Exemption Certificate, then the Tax Exemption Certificate shall be cancelled and all the taxes which were exempted in respect of that property shall be repaid, plus interest, as if the taxes had never been exempted, and the City shall add those taxes to the roll for that property.

1. Incomplete applications will be returned to the applicant;
2. It is the applicant’s sole responsibility to confirm the accuracy of all information, including details on all plans and submissions. Staff is not responsible for any errors or omissions on submitted items. All Plans are to be submitted in complete sets. Thank you for your cooperation.