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The downtown revitalization tax exemption program (Bylaw No. 2937) has been established to provide Owners with an economic incentive in the form of a tax exemption to undertake the development of new improvements and to promote the revitalization of Downtown Courtenay through:
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 Commercial, Residential or Mixed-Use development. The term of the tax exemption is a. 5 years for a project that is a commercial, residential or mixed-use building 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.
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.
Council may, by resolution, authorize a municipal property tax exemption pursuant to Bylaw No. 2937 in the manner prescribed herein: a. An Owner must submit a completed application form and provide the application fee to the City along with a building permit application and all required application submissions. b. Upon issuance of an authorizing resolution by Council, the Owner and the City shall enter into a revitalization tax exemption agreement in a form provided by the City. c. Upon execution of the revitalization tax exemption agreement between the owner and the City, a tax exemption certificate will be issued and applied to the subject property.
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.
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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.