The EIZ Bylaw is intended to accomplish the Council s objectives by:

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1 PUBLIC NOTICE January 9, 2014 Economic Investment Zone Amendment Bylaw Pursuant to Section 227 of the Community Charter, the City of Penticton gives notice that Council proposes to adopt Economic Investment Zone Amendment Bylaw No at its Regular Council Meeting scheduled for 6:00 p.m., Monday, January 20, 2014 at Penticton City Hall. This bylaw establishes a Revitalization Tax Exemption Program. The purpose of the Economic Investment Zone (EIZ) Bylaw is to: 1. Stimulate and encourage the construction of new building and major renovations or existing buildings within the following areas: a. the Downtown Economic Investment Zone, b. the Industrial Economic Investment Zone, c. the Waterfront Economic Investment Zone, d. the Tourism, Sport & Culture Economic Investment Zone, and e. the Commercial/Industrial Economic Investment Zone; as well as 2. Encourage the timely introduction of key commercial and industrial land uses which will contribute particularly to the vibrancy, economic growth and live ability of each Investment Zone. The EIZ Bylaw is intended to accomplish the Council s objectives by: 1. Providing property tax relief for eligible construction within certain areas of the City, and 2. Providing special tax reductions for Key Land Uses within certain areas of the City. Where a development is eligible for incentives under this Bylaw, the development shall be eligible for a property tax exemption on the value of eligible improvements for a maximum term of 5 years. Where Key Land Uses are eligible for incentives under this Bylaw, the development shall be eligible for: % of property taxes payable on land and eligible improvements, for a maximum term of 3 years; and % of property taxes payable on the value of eligible improvements for a further term of up to 2 years. The extent, amounts and maximum terms of the program are outlined in specific detail in the Bylaw. continued on Page General\Incentive Zones\2013 Bylaw Revisions\ Public Notice Page 1 of 2

2 Information: The staff report to Council and Bylaw will be available for public inspection from Friday, January 10, 2014 to Monday, January 20, 2014 at the following locations during hours of operation: Penticton City Hall, 171 Main Street Penticton Library, 785 Main Street Penticton Community Centre, 325 Power Street You can also find this information on the City s website at Please contact the Planning Department at (250) with any questions. Anthony Haddad, MCIP Director of Development Services General\Incentive Zones\2013 Bylaw Revisions\ Public Notice Page 2 of 2

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18 THE CORPORATION OF THE CITY OF PENTICTON BYLAW NO A BYLAW TO AMEND THE ECONOMIC INVESTMENT ZONE BYLAW WHEREAS the Council of the City of Penticton has adopted a bylaw that may provide revitalization tax exemptions under section 226 of the Community Charter; AND WHEREAS the Council of the City of Penticton wishes to amend City of Penticton Economic Investment Zone Bylaw ; NOW THEREFORE the Council of The Corporation of the City of Penticton, in open meeting assembled, enacts as follows: 1. CITATION: This Bylaw may be cited as the City of Penticton Economic Investment Zone Amendment Bylaw No AMENDMENT That Economic Investment Zones be amended as follows: 1. change the deadline to receive a building permit in section 7(b) from December 31, 2013 to June 30, 2014; 2. change the deadline to receive an occupancy permit in section 7(c) from December 31, 2016 to June 30, 2017; 3. change the deadline to receive an building permit in section 10(b) from December 31, 2013 to June 30, 2014; 4. change the deadline to receive an occupancy permit in section 10(c) from December 31, 2016 to June 30, 2017; 5. change the deadline to receive a building permit in section 12(b) from December 31, 2013 to June 30, 2014; 6. change the deadline to receive an occupancy permit in section 12(c) from December 31, 2016 to June 30, 2017; 7. change the deadline to receive a building permit in section 14 (b) from December 31, 2013 to June 30, 2014; 8. change the deadline to receive an occupancy permit in section 14(c) from December 31, 2016 to June 30, 2017; 9. change the deadline to receive a building permit in section 16(b) from December 31, 2013 to June 30, 2014; Economic Investment Zone Amendment Bylaw No Page 1 of 2

19 10. change the deadline to receive an occupancy permit in section 16(c) from December 31, 2016 to June 30, 2017; 11. Delete definition of Building Permit Fee from Section 4; 12. Delete section 6 (b) in its entirety; 13. Delete and Building Permit Fee from Section 6 (c); 14. Delete Section 18 (a) in its entirety; 15. Delete Section 19 (a) in its entirety; 16. Delete Section 26, 27, 28 in its entirety and the heading Securities for Building Permit Fees ; 17. Renumber the bylaw sections accordingly. READ A FIRST time this 6 day of January, 2014 READ A SECOND time this 6 day of January, 2014 READ A THIRD time this 6 day of January, 2014 ADOPTED this day of, 2014 Notice of intention to proceed with this bylaw was published on the day of, 2014 and the day of, 2014, in the Penticton Western newspaper, pursuant to Section 94 of the Community Charter. Garry Litke, Mayor Dana Schmidt, Corporate Officer Economic Investment Zone Amendment Bylaw No Page 2 of 2