City council adopted an industrial revitalization tax exemption program at its Tuesday meeting to attract investment.
Council expects the program to provide another tool to attract investment in the community and offer incentives to current industries to upgrade their facilities.
The City says the program is unique since it links the amount of tax exemption to three goals: capital investment, job creation, and green building initiatives. The program provides three classes of tax exemption for industrial properties in the north end of Williams Lake and at the Williams Lake Regional Airport.
Tax reductions are offered through three classes of five-year declining exemption terms, with higher scoring developments receiving higher tax exemptions.
The City will realize new tax revenues from each property participating in the program in the second year of their exemption term and beyond.
“Increased revenue from additional industrial investment may help us reduce tax rates for all properties in the industrial rate class,” says Mayor Kerry Cook. “That is something this council has promised to address, and we will continue to work to foster a positive atmosphere for business and industrial development in Williams Lake.”