Two businesses apply for downtown tax breaks
Two Campbell River businesses are taking advantage of the city’s new tax break incentives.
CR DanceXtreme & Fitness and Tyee Chevrolet Buick GMC are the first to come forward and apply for a certificate aimed at stimulating the downtown core.
The dance studio will be exempt from an increase on property taxes for five years, at 100 per cent of the portion of municipal property tax imposed because of improvements to the building.
Tyee Chevrolet will be exempt for three years, at 50 per cent of the municipal property tax portion imposed on the company’s building improvements.
Last year, the car dealership built a brand new showroom along Dogwood Street.
Based on the 2012 tax rates and new construction, the estimated tax exemption for Tyee Chev is $869 per year, or a total savings of $2,607 over the three-year tax exemption period.
In the case of CR DanceXtreme & Fitness, the dance studio was built last year at a cost of $250,000. The savings for the property owner is estimated to be $2,897 each year and $14,485 over the five-year exemption.
The tax incentives are part of the city’s Downtown Revitalization Tax Exemption Agreement
that was amended in 2011 to entice business owners to invest in targeted areas of the city’s downtown core.
Tyee Chevrolet is located on 13th Avenue, while CR DanceXtreme & Fitness is at 110 Beech Street, between Dubeau and Alder Streets and behind CIBC.
The aim of the initiative is to revitalize the area and promote more foot traffic.
Coun. Andy Adams said he was pleased to see the two businesses come forward with applications.
“I think this is a good example of how to stimulate downtown revitalization without having an adverse effect,” Adams said at Tuesday’s council meeting.
Coun. Ryan Mennie said it’s exciting to see local businesses already benefiting from the new bylaws.
“These are the first businesses to come to us since the bylaw was passed,” Mennie said.
“I want to thank the companies for investing in the community and for the beautiful buildings they’ve constructed. The dance studio is a great example of the type of activities we’re trying to attract to the downtown area.”