Revitalization Tax Exemption Passed
By 250 News
Monday, November 21, 2005 10:06 PM
Prince George City Council has given final approval to the Downtown Revitalization Tax Exemption by-law.
Under the bylaw, developers, or property owners making significant improvements to their properties can apply for a holiday from municipal taxes. The length of the tax breaks are offered based on completion dates.
For instance, lets look at the most recently announced Ghiai developments, if the project is completed by September of 2007, there would be the possibility for an exemption for 2008 plus five years after that, and an option to renew for another 5.
In the case of Ghiai's "Metropolis", that would translate into more than $2 million dollars in savings based on planned completion dates and the estimated costs of the projects.
Previous Story - Next Story
Return to Home
Or maybe George will say, "What the heck, a million here, or a million there, not even deserving of mention."
We'll just borrow the difference.
Think maybe it is time to "sell out. and get out," while the gettin's good.