Much ado about a tax exemption bylaw earlier this year hasn’t sparked much renovation action in the downtown core just yet.
“Since the program’s implementation, renovation projects at two downtown properties have commenced that were eligible for application,” said Michelle McIsaac, corporate administrator.
McIsaac said that one project is well underway and the other is a recent application so construction has yet to begin.
“Both have benefitted from a 50 per cent reduction in building permit fees and any resultant tax savings will be realized next year.,” she added.
In February, Trail council enacted the Downtown Revitalization Tax Exemption Bylaw to encourage investment in the city’s core.
Properties owners who commit to new construction or substantial renovations are eligible for tax exemptions for terms of up to 10 years. The bylaw “freezes” property taxes where construction and renovations are undertaken at current set values.
Bylaw 2746 was also enacted at that time, and enables eligible properties to receive a 50 per cent reduction in downtown building permit fees.
Included in the downtown, are the Gulch, East Trail and downtown commercial areas.