Economic Incentives

Penticton Economic Investment Zones

 

ECONOMIC INVESTMENT ZONES

  1. Downtown Economic Incentive
  2. Industrial Economic Incentive
  3. Waterfront Economic Incentive
  4. Tourism, Sport and Culture Economic Incentive
  5. Commercial/Industrial Economic Incentive

Note: Tier 1 developments that have a construction value of $100,000 minimum or Tier 2 developments for Key Land Uses that have a construction value of $1,500,000 minimum.

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. Conditional on that a Building Permit has been issued for the project between November 1, 2011 and December 31, 2013 and have final received an Occupancy Permit on or before December 31, 2016. Eligible projects will be provided:

  • 50% reduction in building and plumbing permit fees
  • A property tax exemption on the value of eligible improvements for a maximum term of 5 years.

Note: Ineligible projects are – Gas stations, drive through restaurants, parking lots (when not constructed in conjunction with a development eligible for incentives under this bylaw), automobile sales and single-family dwellings or duplexes.

Industrial 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. Conditional on that a Building Permit has been issued for the project between November 1, 2011 and December 31, 2013 and have final received an Occupancy Permit on or before December 31, 2016. Eligible projects will be provided:

  • 50% reduction in building and plumbing permit fees
  •  A property tax exemption on the value of eligible improvements for a maximum term of 5 years.

The Waterfront 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. Conditional on that a Building Permit has been issued for the project between November 1, 2011 and December 31, 2013 and have final received an Occupancy Permit on or before December 31, 2016. Eligible projects will be provided:

  • 50% reduction in building and plumbing permit fees
  •  A property tax exemption on the value of eligible improvements for a maximum term of 5 years.

The Tourism, Sport and Culture 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. Conditional on that a Building Permit has been issued for the project between November 1, 2011 and December 31, 2013 and have final received an Occupancy Permit on or before December 31, 2016. Eligible projects will be provided:

  • 50% reduction in building and plumbing permit fees
  •  A property tax exemption on the value of eligible improvements for a maximum term of 5 years.

The Commercial/Industrial 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. Conditional on that a Building Permit has been issued for the project between November 1, 2011 and December 31, 2013 and have final received an Occupancy Permit on or before December 31, 2016. Eligible projects will be provided:

  • 50% reduction in building and plumbing permit fees
  •  A property tax exemption on the value of eligible improvements for a maximum term of 5 years.

Key Land Uses

Key Land Uses are subject of a Building Permit for new construction or renovations having a construction value of $1,500,000 or greater.  A Key Land Use must fall within one of the Economic Investment Zones.  Conditional on that a Building Permit has been issued for the project between November 1, 2011 and December 31, 2014 and have final received an Occupancy Permit on or before December 31, 2017.  Eligible projects will be provided:

  • 100% reduction in the Building permit fees for the eligible improvements.
  • A property tax exemption of:

(i)  100% of property taxes payable on land and eligible improvements for a maximum term of 3 years.

(ii)  100% of property taxes payable on the value of eligible improvements for a further term of up to 2 years.

Note:  All developments may be eligible for Development Cost Charges (DCC) reductions as well – please see the DCC Bylaw for details.

For more information please view the EIZ Bylaw

Questions? Contact Penticton Economic Development

Penticton Web Design by diguno media