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Posted: Wednesday, December 2, 2015

Northern Development Initiative Trust - Community Revitalization

Northern Development Initiative Trust
The Community Revitalization program is an aggressive incentive program that is a partnership between communities and Northern Development that encourages new development and redevelopment in central and northern B.C. This innovative program provides an immediate financial incentive for developers that is significantly more attractive than any revitalization tax exemption program currently available in the region.

The goal of the Community Revitalization program is to encourage developers to invest in downtown or community renewal projects that: new market and non-market housing, commercial and mixed use development, green development, and façade improvements. The municipality has the ability to develop a revitalization tax exemption bylaw that addresses its unique vision for attracting investment and increasing the tax base of the community.

In communities where the municipality has partnered with Northern Development on this program, developers can choose to access a “revitalization tax exemption early benefit”, which is a lump sum payment aligned with the equivalent municipal tax exemption a developer would receive over the term of a standard revitalization tax exemption agreement.  By accessing the early benefit, the developer’s annual tax payments going forward during the life of the equivalent tax exemption period are returned to the municipality’s Northern Development funding allocation.

Find out more and apply
Municipalities
Municipalities interested in learning more about this innovative community revitalization incentive should contact Northern Development directly.  An example draft agreement between Northern Development and a municipality as well as a draft agreement of a revitalization tax exemption early benefit agreement between a municipality and developer can be made available to local governments upon request.

Contact:Janine North, Chief Executive Officer
Northern Development Initiative Trust
Email:janine@northerndevelopment.bc.ca
Contact Name: Janine North, CFhief Executive Officer
Contact Phone: 250-561-2525
Subject Area(s): Economic Development, Heritage
Last Reviewed: December 2, 2015, 12:12 pm
Deadline: No Official Deadline
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