Town council has amended its Revitalization Tax Exemption Bylaw to attract more development in Oliver.
Council has extended the qualification deadline for an additional five years to May 31, 2023.
“We’ve had numerous developers talk to us about moving forward on various projects,” said Chief Administrative Officer Cathy Cowan.
Councillor Petra Veintimilla said the tax exemption makes Oliver more attractive than other communities that don’t offer it.
It was noted the tax exemption (on building improvements) is for a 10-year period. Council adopted the bylaw in 2013 to provide relief from certain property taxes for eligible developments.
Since 2013 the Town has entered into only one exemption agreement with Cool Creek Energy. But Cowan said staff has been in conversation with Burrowing Owl winery with respect to its development in the industrial area. The winery is expected to apply for a tax exemption once construction is completed, Cowan said. She noted that development has increased within Town over the past year, adding the bylaw provides an incentive for revitalization.
