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Council reviews draft redevelopment incentives: 12% base rebate, add‑ons and a proposed cap
Summary
Staff presented a draft redevelopment incentive program that uses a roughly 12% base tax‑value rebate with add‑on incentives for public benefits; council discussed caps, amortization and publishing program details for transparency.
Derek (staff) presented a draft redevelopment incentive program intended to recruit and retain business investment under the CRA framework, describing the document as a starting point for council input. The draft adapts elements from neighboring municipalities and offers a base tax‑increment rebate with optional add‑ons for items such as affordable housing, urban canopy and shared parking.
"When it comes to tax rebate, it's been about 12 to 12 and a half percent," Derek told…
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