As part of an ongoing effort to increase economic development, the City of Williams Lake will draft an area-based industrial revitalization tax exemption bylaw. The proposed program objectives of the bylaw are to help grow the City’s tax base, increase employment levels, and encourage environmentally-friendly industrial development.
The program would cover property development in the north end industrial area of the city and airport lands, supporting the City’s commitment to strategic long-term planning, and keeping to the principles in the draft Official Community Plan.
Under the proposed bylaw, owners that initiate new developments on their property could apply to receive municipal tax exemptions. Eligibility for, and the level of exemption would be qualified by factors such as whether the new property investment increases the local tax base, creates jobs, and/or reduces city green house gas emissions. For example, a development that includes a new energy efficient manufacturing plant, and 50 new full time jobs could be eligible for a higher rate of tax exemption than an investment that results in a retrofitted building and five new part time jobs.
Once a property development qualifies for the program, it is proposed that the rate of municipal tax exemption would decline over a period of five years. This scenario provides financial benefit to investors and economic benefit to the community within a few years of a development start.
"One of the ways municipal government can work to enhance the local economy is to provide a competitive investment climate, and this bylaw would improve Williams Lake’s climate for industrial growth," says Mayor Kerry Cook. "By linking exemption amounts to qualifiers such as job creation, we can help attract development that will add to the tax base and create jobs while having a smaller impact on our environment"
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