The City of Kelowna is entering into tax exemption agreements for two building developments that will equal more than $7.8 million dollars over the next 10 years.

The Revitalization Tax Exemption (RTE) program encourages new residential and commercial development and construction of purpose-built rental housing in the core area of the city. Eligible projects can apply for a 10-year tax exemption. This includes a requirement to enter into a Housing Agreement (HA) for purpose-built rental housing projects. The properties are located at 1488 Bertram Street and 1994 Springfield Road.

Bertram Street is a mixed-use project with two towers. One 28-storey building with 257 residential units, and an eleven-storey building with 88,422 square feet of office space, 15,346 square feet of ground-floor retail space, and a five-level parkade. Construction is underway on this project. The Springfield Road development is a purpose-built rental building with 195 dwelling units, 1,280 square feet of commercial space, and a single-level parkade. The city requires an HA for this project. A building permit application has been made and a review is in progress.

A city staff report anticipates the tax revenue impact of the proposed exemption is $6,239,000 for the Bertram Street project and $1,642,500 for the Springfield Road development.

香蕉视频直播淭hat香蕉视频直播檚 a big amount of money, but it香蕉视频直播檚 also a massive project (Bertram Street) that香蕉视频直播檚 come to our downtown,香蕉视频直播� said Councillor Luke Stack.

Councillor Gail Given questioned if the city still needs to incentivize development in the downtown core, and suggested affordable housing could be more of a focus.

香蕉视频直播淲e certainly achieved the goal of encouraging development in some of the areas in our community,香蕉视频直播� said. Given. 香蕉视频直播淩utland Town Center has been slower on the uptake than maybe downtown, but I think there isn香蕉视频直播檛 anybody here who wouldn香蕉视频直播檛 say truly our greatest need is affordable housing.香蕉视频直播�

City staff will evaluate the RTE program to consider tax impacts, and take account of where incentives are actually needed and where impact can be most effective. A report will be brought forward to council later this year.

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gary.barnes@kelownacapnews.com
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