19 Jun 2023 Council meeting Housing

507 Milton Street - Amendment of Project Under the "Revitalization Tax Exemption Bylaw 2018 No. 7261"

Motion
That Council approve the amended Revitalization Tax Exemption Agreement for a proposed 28 -unit mixed-use development at 507 Milton Street, consisting of 25 residential units and 3 commercial rental units.
Minutes, page 12
Sources
Agenda itemCity agenda
Staff reportPage 1
Purpose
To obtain Council approval to amend the Tax Exemption Agreement for a proposed mixed- use building at 507 Milton Street.
Staff report, page 1
Staff recommendation
That Council approve the amended Revitalization Tax Exemption Agreement for a proposed 28-unit mixed-use development at 507 Milton Street, consisting of 25 residential units and 3 commercial rental units.
Staff report, page 1
DocumentsStaff report about Economic Development

Leonard Krog Yes

And I sincerely hope the developer doesn't go into bankruptcy, given how long it's taken to get to this stage.

Questions and answers

Councillor Paul Manly
Speaker identificationConfident
No

asked
Thank you worship just a question, um to to staff about this tax exemption process. . Um, so it's been going for a few years. . Is there A time limit on this tax exemption. Um, for for building downtown. I understand it was really needed at one point. . To incentivize people to build in the downtown core, and I'm just curious about how long we're going to carry on with it. . If there's a If there was a window for it or not.
Bill Corsan
Speaker identificationConfident
answeredDirector, Corporate and Business Development
the we, um other projects four or five years into it now. . And we're actually doing a review of it. So mismanaged houses doing a review of this program as well as our hotel tax exemption program. . And our plans to come to a GPC. Probably this fall, just to kind of go over the findings with you and see how Council feels about the program. . And if You want to amend it or Come up with a different programs. So we're gonna have a very good fulsome discussion at GPC on on the effectiveness of these programs and the potential tax implications.
followed up
It is a 10 year program. I understand
Bill Corsan
Speaker identificationConfident
answeredDirector, Corporate and Business Development
Yes. . So under the under the The legislation you can provide up to 10 years. And our programs take advantage of the full 10 years. . Some communities provide less time and some programs. Themselves do have a limited period. So you might separate tax exemption program only runs for five years to help instead of encouraged people to get into it. Right now, our program is open time wise so

Councillor Hilary Eastmure, Councillor Ben Geselbracht or Councillor Erin Hemmens

asked
and is it open to anything like stratas condos? Or is it just for affordable or for rental Stark?
Bill Corsan answeredDirector, Corporate and Business Development
? The downtown tax exemption is for any Um, multi family or commercial project over $500,000 in value. . Okay, , Thank you. .