As Kamloops moves into the future, the need to support its growth is apparent. And though Kamloops is already an attractive community in terms of investment, commercial projects now have one more reason to consider Kamloops as their investment destination.
In January 2020, Kamloops City Council amended both the City Centre and North Shore Revitalization Tax Exemption (RTE) to include new commercial development in the eligibility criteria. Until now, the RTE bylaws included criteria such as multiple-family development, a hotel/motel, and above ground parking structure, a brownfield site, and alteration to an existing improvement (conditions apply). With the new amendments to the bylaw, new commercial developments are eligible for exemption within the two core areas of the city: the Kamloops City Centre and North Shore Town Centre and Tranquille Market Corridor.
“Commercial” means a development where the building or buildings on a parcel of land are used for business purposes, as specified in the City of Kamloops Zoning Bylaw No. 5-1-2001, as amended. The tax exemptions are not a reduction in taxes already collected; they are a 10-year deferral of the taxes that would be collected from the increased value resulting from the development.
Including new commercial development into the RTE bylaws provides the opportunity for property owners who are constructing new commercial buildings in the specified areas to receive a tax exemption. New commercial developments, such as a large-scale office building, in the specified areas will increase economic opportunities for surrounding existing businesses (e.g. restaurants, retail trade, and personal service-based), which will foster a vibrant Downtown and North Shore Town Centre. Existing buildings undergoing major enhancements within the criteria may also benefit.
For more information on the Tax Exemption Bylaw, connect with the Development and Engineering Services.
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