Economic Incentives

Penticton Economic Investment Zones

ECONOMIC INVESTMENT ZONES

  • Hotel/Motel Economic Incentive
  • Downtown Revitalization Economic Incentive
  • Manufacturing and Industry Economic Incentive

Hotel/Motel Economic Investment Zone

Established to encourage the construction of a new three star or better hotel or motel with a minimum of 50 rooms, or to encourage room renovations or room additions to an existing hotel or motel with a construction value of $100,000 or more; on the condition that construction on the project commence prior to December 31, 2011 and have final approval on or before December 31, 2013, and that eligible projects be provided:

100% municipal tax relief for a period of five (5) years on improvements
50% reduction in building permit fees
50% reduction in the Development Cost Charges payable by the project
an opportunity to defer payment of the DCC’s to a later stage in the building approval process.

Downtown Revitalization Economic Investment Zone

Established to encourage the improvement of an existing building or construct a new  building on a site within the designated area that has a construction value of $100,000 or greater on the condition that construction on the project commence prior to December 31, 2011 and have final approval on or before December 31, 2013, and that eligible projects be provided:

100% municipal tax relief for a period of five (5) years on improvements
50% reduction in building permit fees
50% exemption on Development Cost Charges payable
an opportunity to defer payment of the DCC’s to a later stage in the building approval process

Industrial Economic Investment Zone

Established to encourage new construction and significant renovation of buildings within the designated area that have a construction value of $100,000 or greater on the condition that construction on the project commence prior to December 31, 2011 and have final approval on or before December 31, 2013, and that eligible projects be provided:

100% municipal tax relief for a period of five (5) years on improvements
50% reduction in building permit fees
50% exemption on Development Cost Charges
an opportunity to defer payment of the DCC’s to a later stage in the building approval process

Questions? Contact Penticton Economic Development

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