IPG Supports Review of Tax Breaks for Downtown Development

Monday, April 19, 2010 03:58 AM

Prince George, B.C.- Initiatives Prince George is applauding the City's review of its Revitalization Tax Exemptions (RTE).

According to IPG, the RTE's could be used to stimulate investment in the downtown core. The City already has such a tax expemtion program in place, it allows for up to ten years of tax breaks. Commonwealth Development Group (owners of the former Chances Gaming Centre) are pushing for a tax exemption of 30 years, a time frame not provided for under current legislation. The review will evaluate potential impacts of the 30 year exemption proposal, as well as options that could be pursued within existing provincial legislation.

IPG President and Chief Executive Officer Tim McEwan comments, "Full and careful consideration of RTE options is critical for developing fair and equitable RTE policy and the principles for its application to development in Prince George’s downtown. A thorough examination of RTE use in other cities and outcomes to date (both positive and negative) is basic homework that the City has commissioned. As the City’s economic development authority, we fully support this critically important work".

The City of Prince George is expected to release the findings of the independent technical review over the next few weeks.

IPG will work with the City of Prince George on recommendations from the independent review to ensure potential adjustments to existing revitalization by-laws are enacted expeditiously and that they form part of broader marketing initiatives to attract investment to Prince George’s downtown core.

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Posted on Monday, April 19, 2010 03:58 AM in News by 250 News

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Comments

Posted by: Dragonmaster on April 19 2010 8:08 AM

I want a 30 year tax exemption to help me fill my bank account too!

Posted by: gus on April 19 2010 5:44 PM

Buy a unit and you too will be able to get the 30 year exemption Dragonmaster. Buy two and you will be able to save twice as much.

Buy them all, and you'll be a millionaire in less than a year. LOL

Posted by: Resident on April 19 2010 7:15 PM

Seems a bit unfair to give businesses a tax exemption for locating downtown. If a business is viable it shouldn't need a tax holiday at the other city taxpayer's expense. Independent review, I am sure a few weeks aren't needed to know the end result of the review.
How about enticing potential home buyers with a tax holiday to purchase and locate in PG.

Posted by: NMG on April 19 2010 7:33 PM

I say go for it. Afterall, tax systems all over the world are utilized as one way to achieve specific objectives (less tax paid by seniors, accelerated writeoffs for business assets to encourage investment, etc.).

Why not use our local taxation system to encourage investment into the downtown core? If it business outside of the downtown core thinks it's that unfair, they can relocate and take advantage of the savings.

Posted by: Palopu on April 19 2010 8:28 PM

IPG states that they will work with the City. I guess he forgot that he gets a $2.5 Million dollar a year budget from the City, so in effect he works FOR the City.

IPG is no more than a front for the City to get their agenda into the public eye. They should be shut down, and the money should be spent on roads,sewer, and garbage.

Posted by: Eagleone on April 19 2010 9:12 PM

I agree with Palopu on this one. IPG is a front for special business interests to get tax cuts and public dollars. IPG can't name one single significant success story for the organization in its entire history other than their ability to leverage public dollars to subsidize businesses that are only around long enough to get the public dollars.

PG home owners and business located outside of the downtown will have to pay the share of taxes for those that get the break. PG already subsidizes the downtown far to much. Its unfair to the captive home owner to have to pay for these things when all the home owner really wants is the basic services covered from their home tax....