The City's Financial Officer Corinne Bomben provided the background to the topic on Monday night, reviewing some of the elements for Council of her report that was distributed as part of the Agenda for the night. With the CFO noting how the exemption would be a mechanism to encourage growth in the Logistics sector.
"This bylaw has been created to stimulate the growth of trade related logistics industries on land that can be used in support of such growth, as a mechanism to encourage development for these purposes. Trade logistics has become a significant growth area supporting the import-export terminals in Prince Rupert. There are not many areas of lands available for these purposes and a mechanism to promote the development of land for this purpose is through a revitalization program. --CFO Corinne Bomben
Ms. Bomben noted that there is no cost to the city for the initiative, other than the opportunity costs foregone on the term of the exemption.
The proposed exemption includes: a five-year exemption of all non-market tax increases as a result of new developments meeting the program objectives; and one quarter of the non-market tax increase added each year over four years the effect of which will mean that taxes will be levied in full in year ten.
|The City of Prince Rupert is looking to exempt a parcel of land along the Ridley |
Island Access Road from Taxes for a period of five years as part of a Development plan