September 18, 2014 - 2:30 PM
PENTICTON - The local economy may soon get a boost if a new City of Penticton tax scheme for local industrial businesses pays off.
The city is offering up tax breaks to industrial businesses hoping it spurs employment and new investment.
“Everybody seems to be under the impression that tourism is one of our largest employers and it’s not,” said Coun. Katie Robinson.
Providing jobs in the industrial industry “is how we keep our youth in town,” she said.
Manufacturing and innovation jobs make up the highest percentage of Penticton’s economy, and rakes in almost twice as much as the tourism industry, according to a 2011 Industry Valuation Report.
In order to be eligible for the tax break, industrial businesses must fund renovations or construction on their property, however the required construction costs have been reduced by close to half the amount.
If eligible businesses provide proof of creating more than 20 jobs during the first five-year tax-break term, they can get an additional five-year break, Haddad said.
The industrial bylaw will be presented to council again on October 6, 2014, and include amendments and suggestions made by council, such as options for businesses renting land in the industrial area.
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News from © InfoTel News Ltd, 2014