Notice is hereby given that the Municipal Council of the Corporation of the City of Cranbrook, pursuant to section 226 of the Community Charter, may, by bylaw, adopt “City of Cranbrook Victoria Avenue Corridor Revitalization Tax Exemption Bylaw No. 4209, 2025”.
The reason for the tax exemption bylaw is to incentivize new medium and high-density multi-unit residential and mixed-use residential / commercial buildings in the Victoria Avenue Corridor. Implementation of a revitalization tax exemption bylaw is backed by policies in the City’s Official Community Plan which support exploring tools to incentivize development in the Victoria Avenue corridor.
The tax exemption bylaw is intended to assist in achieving the City’s objectives of encouraging new housing and investment in the revitalization area to enhance the economy, and bring more residents to live in the corridor.
The objectives for the program enabled by the Bylaw include:
- To encourage new investment in the Revitalization Area to enhance the economy;
- To increase housing supply;
- To bring more residents to live, and businesses to operate in the Victoria Avenue Corridor.
The Revitalization Tax Exemption program applies to properties in the Victoria Avenue Corridor as shown as shown on the map below:
The following types of activities and qualifying threshold values are being proposed as the criteria for exemption:
(i) New development with a construction value of at least $1,000,000 (one million dollars), as determined based on Building Permit value; and
(ii) Contain at least five (5) dwelling units.
The maximum amount of annual tax exemption for each of the qualifying improvements are as follows:
- For new medium or high-density multi-unit residential and/or mixed-use residential / commercial development with at least five (5) dwelling units, the following percentage for each noted year of the municipal share of property tax due annually in relation to Eligible Improvements on a Parcel the Revitalization Area:
(a) Year 1: 100%
(b) Year 2: 80%
(c) Year 3: 60%
(d) Year 4: 40%
(e) Year 5: 20%
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 Victoria Avenue Corridor Revitalization Tax Exemption Bylaw No. 4209, 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
