Notice is hereby given that the Municipal Council of the Corporation of the City of Cranbrook, pursuant to 226 of the Community Charter, may, by bylaw, adopt “City of Cranbrook Downtown Revitalization Tax Exemption Bylaw No. 4208, 2025”.
The reason for the tax exemption bylaw is to support and encourage revitalization of the downtown in City. Implementation of a revitalization tax exemption bylaw is supported in the City’s Downtown Revitalization Master Plan, Tourism Master Plan and Official Community Plan.
The tax exemption bylaw is intended to assist in achieving the City’s objectives of encouraging new investment in the revitalization area to enhance the economy, bring more residents to live in the downtown and to make the downtown more appealing to both residents and visitors.
The objectives for the program enabled by the Bylaw include:
- To encourage new investment in the Revitalization Area to enhance the economy;
- To bring more residents to live, and businesses to operate, in the downtown; and,
- To make the downtown more appealing to residents, employees, and visitors
The Revitalization Tax Exemption program applies to properties in the downtown area shown as “The Core”, “Maker Village”, “Special Plan Area”, and “The Gateway” Revitalization Areas as shown on the map below:
The following types of activities and qualifying threshold values are being proposed as the criteria for exemption:
(a) Commercial new development with a construction value of at least $1,000,000 (one million dollars), as determined based on Building Permit value;
(b) Mixed-use commercial / residential new development with at least two (2) dwelling units having a construction value of at least $1,000,000 (one million dollars), as determined based on Building Permit value;
(c) Renovations with a construction value of at least $50,000 (fifty thousand dollars) to an existing building, as determined based on Building Permit value;
(d) Exterior façade improvements with a construction value of at least $5,000 (five thousand dollars), as determined based on Building Permit value, or where no Building Permit is required, submit proof of construction value as required.
The maximum amount of annual tax exemption for each of the qualifying improvements are as follows:
(a) For new commercial development:
(i) 80% of the municipal share of property tax due annually in relation to Eligible Improvements on a Parcel in “The Core”, “Maker Village”, “Special Plan Area”, and “The Gateway” Revitalization Areas.
(b) For mixed-use commercial / residential development with at least two (2) dwelling units:
(i) 100% of the municipal share of property tax due annually in relation to Eligible Improvements on a Parcel in “The Core”, “Maker Village”, “Special Plan Area”, and “The Gateway” Revitalization Areas.
(c) For renovations to an existing building:
(i) 80% of the municipal share of property tax due annually in relation to Eligible Improvements on a Parcel in “The Core”, “Maker Village”, “Special Plan Area”, and “The Gateway” Revitalization Areas.
(d) For exterior façade improvements:
(i) 100% of the municipal share of property tax due annually in relation to Eligible Improvements on a Parcel in “The Core”, “Maker Village”, “Special Plan Area”, and “The Gateway” Revitalization Areas.
The maximum term of a Tax Exemption shall be 5 years subject to issuance of a Tax Exemption Certificate by the Director of Finance.
A copy of the proposed bylaw “City of Cranbrook Downtown Revitalization Tax Exemption Bylaw No. 4208, 2025” may be inspected between the hours of 8:30 a.m. and 4:30 p.m., Monday through Friday, excluding holidays, up until June 23, 2025 at City Hall, 40 – 10th Avenue South Cranbrook BC, or downloaded from the City’s website at http://www.cranbrook.ca
Corporate Officer / City Clerk
