Williams Lake has drafted a revitalization tax exemption for the city’s central industrial zone.
During its regular meeting Tuesday, council received a report and the draft bylaw.
“There’s a whole list of criteria that has to be met, such as creating jobs, it’s not automatic,” said Mayor Walt Cobb, noting it will be similar to the tax exemption already in place for the city’s north industrial zone.
“It’s only for additions, it’s not for something that’s already there,” Cobb explained. “If you have a million dollar asset, and you put a half a million dollar addition on it, you only get an exemption on the increased value.”
In March, council and staff received a letter on behalf of Tolko Industries Ltd. requesting council consider a revitalization tax exemption program for its Lakeview Sawmill on Hodgson Road that was destroyed by a fire in November.
As it considered Tolko’s request, council decided the bylaw should include all industrial-zone properties M-1 and M-2 zones on the west side of Williams Lake Creek.
The maximum term for a tax exemption certificate for the lands will be five years, but it isn’t automatically for five years, Coun. Craig Smith said.
“It will be on a sliding scale,” he added.