There has never been a better time to invest in Penticton!

Posted: February 17, 2010

Press Release

NEW ECONOMIC INCENTIVE ZONES BYLAW

February 16, 2010

For Immediate Release:

Penticton Economic Development Services is proud to announce Penticton’s Economic Investment Strategy.

On February 15, the City of Penticton endorsed an Economic Investment Zone Bylaw as part of a competitive investment strategy.

“This initiative provides Penticton with a competitive advantage in attracting new business to the community and means jobs for local residents,” said David Arsenault Penticton’s Economic Development Officer.

The Economic Investment Zone  strategy is a “made in Penticton” economic stimulus initiative that offers tax incentives and reductions on development cost charges and building permits for the construction of new businesses and the re-development of existing businesses in the City of Penticton.

The strategy targets three specific economic areas in the community:

1. Hotel and Motel development,
2. Downtown Revitalization,
3. Industry and Manufacturing

The impetus behind this strategy is to encourage new investment during this economic downturn thereby creating jobs both during construction and operationally thereafter.  This initiative will stimulate the local economy, improve the streetscape and increased property assessments for future taxation purposes.

Implementation of the strategy begins March 1, 2010 and is time sensitive. The completion date for all projects is December 31, 2013. “We believe that this is a proactive approach to business retention and expansion aimed at enhancing the success and ongoing viability of businesses in Penticton,” added Arsenault.

Penticton Economic Development Services is very pleased to support this initiative. For more information on Penticton’s Economic Investment Zone Strategy visit the Economic Incentives page: http://www.imaginepenticton.ca/your-business/incentives/

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Questions? Contact Penticton Economic Development

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