August 09, 2016 - 8:00 PM
KELOWNA - The city has signed off on four tax agreements with the developers of purpose-built rental housing.
Davara Holding Ltd. is constructing a nine unit townhouse project in Rutland and will receive 100 percent of the property tax exemption for 10 years, subject to the provisions of the agreement. Occupancy is expected spring, 2017.
U-Three Mission Group Rentals Ltd. will get 100 per cent exemption for a 64 unit four-storey apartment at 805 Academy Way near UBC Okanagan. Occupancy is expected for fall, 2017.
The Provincial Rental Housing Corporation will receive 100 per cent exemption for 20 townhouses and 50 apartments at 678 Richter St. The complex is already occupied.
The National Society of Hope will receive 100 per cent exemption for 78 apartments at 2065 Benvoulin Ct. The building is already occupied.
No estimated costs of the tax exemptions were available.
Developers in Kelowna can apply for a revitalization tax exemption if the local vacancy rate is below three per cent — right now, it’s about 0.6 per cent — a housing agreement is signed and the site is in compliance with future land use designation in the official community plan.
The city currently has approximately 1,050 purpose built rental units either under construction or in the application process.
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