Kevin Poole, Manager of Economic Development and Tourism, presented an update to Council on development activity in Vernon during 2016, which included a positive outlook for upcoming development in the city in 2017.
As of the end of November, total building permit values for the City of Vernon reached $119.8 million, surpassing the 2015 total of $110.3 million. During that time, a total of 478 new residential units were created, up from 201 units in 2015.
In terms of revenues received from the collection of the Municipal Regional District Tax (MRDT or "hotel tax"), the City has received $570,593 as of the end of September 2016. This is up 15.3 per cent over the same period in 2015. The summer months were extremely strong with July, August and September all being record months since the collection of the hotel tax began in 2010. Poole also reported that there is support from the accommodators to pursue the new three per cent hotel tax available to municipalities.
Other notable projects and activities over the past few months include:
- The announcement of $6.21 million for a new trades training centre at Okanagan College;
- The continued renovations of the first major film studio in the Okanagan, located at 1701 Kosmina Road; and
- The Thompson Okanagan Tourism Summit was hosted at Predator Ridge Resort on November 23 and 24.
A copy of the Development Activity Update can be found here.