Council has endorsed a number of grant programs and incentives to promote heritage conservation, downtown/waterfront revitalization and rental housing starts throughout the City of Vernon.
The Revitalization Tax Exemption Program is intended to accomplish Council’s objectives by providing property tax relief to property owners who undertake eligible construction within the City Centre District. The extent of the tax exemptions available under the Revitalization Tax Exemption Program is the municipal portion of the tax increase directly attributable to the increase in assessed value of the land and improvements between the highest of the previous two years of assessment prior to the start of construction and the year the project is completed. The maximum term of a tax exemption that may be provided under this bylaw is 10 years.
This program encourages the construction and operation of purpose-built rental housing by providing a grant equal to the City’s development cost charge levy or $4,000 per rental unit, whichever is the lesser. Multiple family developments with four or more dwelling units would be eligible for the grant program.