Tax Incentive For Businesses
May 9, 2016
Below is the media release from today's press conference announcing the Town of Niverville's new tax incentive for businesses:
Today Council is happy to announce a new economic development policy. It is more than just a business development policy as it encompasses socio economic development as well. In every community there are growing needs. This policy addresses three important needs here in Niverville.
1. Business development on Main Street to assist in providing the services that a growing community is demanding and that also brings financial sustainability to a community.
2. Life lease housing for seniors to deal with the growing number of baby boomers and the silver tsunami that it is.
3. Day care space for young families to bring their children so as to meet the toddler tidal wave that is upon us.
This policy is the result of hours of consulting with other mayors and reeves from other communities. This policy is not new and various forms of it are in effect throughout the province. I would like to take this opportunity to thank those mayors and reeves who have taken the time to share their thoughts and made their staff available throughout this consultation process. I would also like to thank my fellow Councillors and our staff for their hard work in formulating this policy to make it fit for Niverville. This policy being announced here today is not the first step that council is making in regards to economic development, nor will it be the last. It is merely another step in moving forward on the business and rec platform that we were elected on some two years ago. Last August 5 million dollars was pledged to a new multiplex, next month we will be opening the Niverville Splash Park with a cost of three quarters of a million dollars. Two years ago the zoning on Main Street was amended to assist businesses to combine residential above commercial space by addressing parking concerns. Two years ago the annexation process was begun which has allowed for the development of the Niverville Business Park. We expect the annexation process to be completed in the next couple of months. Last August we applied for and received funding from the Build Canada Fund so as to bring water and fire protection to our business district, a utility that businesses have told us that they need in order to set up in Niverville. We expect construction to be completed by later this fall. In the past year we have partnered with business developers in a marketing campaign that has seen money spent on radio ads, ads on the backs of buses, and a new re-branding initiative. All this was done to assist marketing the community with socio economic development in mind.
Today is the next step in socio economic development. This policy then will provide the granting back of the municipal share of taxes to anyone who constructs a new building for the purpose of life lease housing for seniors, day care spaces for children, and for purpose of setting up a new business on Main Street. The grant will apply over four years and is based on a formula based on the total assessed value of the building and the number of employees that will work in the building once it opens.