The District of Fort St. James Mayor & Council recently approved a tax exemption program for commercial and light industrial infrastructure improvements. This program follows close on the heels of the successful “Industrial Tax Exemption” program which saw $30 Million in upgrades completed at a local sawmill.
Under the newly extended program, commercial and light industrial properties which implement property upgrades that result in increased property value assessments, will be exempt from paying increased municipal property taxes for a period of time following the upgrade. Details on the bylaw can be found here.
An additional program offered by Northern Development Initiative Trust can help property owners to leverage the tax exemptions into up-front loans which can be used for the upgrade itself. Proponents interested in taking advantage of this additional opportunity are encouraged to contact Northern Development Initiative Trust at 250-561-2525 and the District’s Economic Development Officer, Emily Colombo at 250-996-8233, firstname.lastname@example.org