Mayor and Council heard a proposal to phase out the Downtown Incentive Program at last night’s regular council meeting.
The program gives tax exemptions and other benefits to businesses when they invest in Downtown.
The proposal suggests the program is working, and not required anymore to inspire businesses to invest in the area.
Introduced in 2011, the proposed “sunset date” would be September 30, 2024.
A new clause was also proposed to allow purpose-built rental housing projects in the downtown area to qualify for the Municipal Revitalization Provincial Property Tax Exemption.
Since 2012, 23 projects have been given RTE or Early Benefit Option.
Additional projects under construction not included in the assessment are eligible to receive the RTE upon completion.
This includes the Park House condominium development as well as the recently announced student housing project.
The review says that the downtown area has seen an increase in property assessments and building permit values that have resulted in a larger amount of revenue than that exempted.