development incentives and development... · • downtown incentives program: the program offers 10...

DEVELOPMENT INCENTIVES

• 10 Year Tax Exemption• Waiver of DCCs for Non-Profit Housing Units• Reduced DCCs ($299 per unit)• $10,000 Per Residential Unit

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Downtown Prince George C1 Zone

PRINCE GEORGE ECONOMIC SNAPSHOT

British Columbia City of Prince George

Prince George, British Columbia, with a population of 74,003, is the largest city in the region of nearly 320,000 people that it serves. The City’s skilled workforce and diversified business sectors offer a range of opportunities for new business investment across the expanding economy. It is the supply and service centre for business, retail, transportation and warehousing, healthcare, education and culture for the greater region. Over 60% of all proposed major capital investments in BC are expected to occur in the northern region, resulting in significant service and supply procurement.

Prince George Statistics:People employed: 49,200Unemployment rate: 5.6%Average home price: $371,443Median family income: $106,530Building permits: $223,527,250Airport traffic: 496,714

Population/Demographics:City of Prince George: 74,003City of Prince George (CA): 86,622Population under the age of 55: 73% (versus 70% for BC)Regional District of Fraser-Fort George: 94,506Northern BC trading area: 318,708

www.investprincegeorge.ca

PRINCE GEORGE – DEVELOPMENT INCENTIVES

OVERVIEW OF INCENTIVESDOWNTOWN INCENTIVES• Downtown Incentives Program: The Program offers 10 year tax exemptions for eligible commercial and multi-family development in the downtown.

In addition to this, the Program offers a grant of $10,000 per door for each new multi-family residential dwelling constructed in the downtown.

• Low Development Cost Charges (DCCs): DCCs in the downtown are some of the lowest in the province:

TYPE OF DEVELOPMENT DCCMulti-Family Medium to High Density $229.00 per unit

Commercial $2.85 per m2

Institutional $2.10 per m2

Industrial $5,282.00 per hectare

• Parking Exemptions: Parking requirements are waived for new developments in the majority of the downtown area.

• Flexible Zoning: C1: Downtown zone offers flexibility by allowing for a wide variety of compatible uses (offices, hotels, housing, retail, restaurants, personal services, recreation, etc.).

MULTI-FAMILY HOUSING INCENTIVES• Multi-Family Housing Incentives Program: The program offers tax exemptions and reductions in development cost charges for eligible multi-

family developments (3 or more attached units) that are located in key growth areas.

MUNICIPAL REVITALIZATION PROVINCIAL PROPERTY TAX• Through the Government of British Columbia, purpose-built rental housing projects which qualify for the downtown incentives program or the

multi-family housing incentives program can also qualify for the Municipal Revitalization Provincial Property Tax exemption. This program mirrors the terms of the municipal exemption, including the length of the exemption and the percentage of the provincial portion of property exempted from tax.

SINGLE-FAMILY HOUSING INCENTIVES• Secondary Suites: Suites are permitted in all single-family dwellings in Prince George.

• Narrow Lot Housing: The City pre-zoned specific neighbourhoods in 2014 to accommodate the development of single-family dwellings on narrow, infill lots.

• DCC Reductions for Small Lot Subdivisions: The City offers reduced DCCs for eligible small-lot subdivisions.

Photo: Ema Peter



The City of Prince George’s Downtown Incentives Program offers incentives for new multi-family, purpose built rental housing, commercial, mixed use and green development, and improvements to existing development in downtown Prince George.

Revitalization Tax Exemption Program

The City of Prince George Downtown Revitalization Tax Exemption Bylaw provides municipal tax exemptions for projects that meet the criteria set out in Tables A, B, and C.

Northern Development Initiative Trust Community Revitalization Program – Housing Contribution

Through an innovative program developed in partnership between Northern Development Initiative Trust and the City of Prince George, an additional incentive is available for projects. Contributions of $10,000 per unit are available for residential and mixed used projects that meet the criteria set out in Table A (b) or (c), payable to the property owner after issuance of an occupancy permit.

QUALIFYING CRITERIA: REVITALIZATION TAX EXEMPTION AND RTE EARLY BENEFIT PROGRAM

DOWNTOWN INCENTIVES PROGRAM

Minimum investment = Minimum qualifying value of project, derived from building permit. In all cases, the exemption granted includes municipal taxes only for a 10 year period with no decline in benefit. High density multi-family = Minimum 3 residential units and density ≥ 90 units per ha. Medium density multi-family = Minimum 3 residential units and density ≥ 20 < 90 units per ha. Medium density mixed-use = Mixed use development with minimum 3 residential units and density ≥ 20 < 90 units per ha.

Table B – Revitalization Tax Exemption for Commercial DevelopmentDescription Commercial Development

Minimum Investment (d) $50,000 (e) $500,000

Location Area A Area A

Improvements Any construction or upgrade Any new construction

Exemption 100% of increase in assessed value of improvements over previous calendar year

50% of assessed value of land and 100% of assessed value of improvements.

Table A – Revitalization Tax Exemption for Residential and Mixed Use DevelopmentDescription Residential Development

Area A: Medium density mixed use or high density multi-family development Area B: Medium density multi-family development

Minimum Investment (a) $50,000 (b) $500,000 (c) $500,000

Location Area A & B Area A Area B

Improvements Any construction or upgrade Any new construction Any new construction

Exemption 100% of increase in assessed value of improvements over previous calendar year

100% of assessed value of land and improvements

100% of assessed value of improvements

Table C – Revitalization Tax Exemption for LEED Certified Development and Exterior ImprovementsDescription LEED Certified Development Exterior Improvements

Minimum Investment (f) $500,000 (g) $20,000

Location Area A & B Area A

Improvements LEED certified developments Any exterior improvement

Exemption 100% of assessed value of land and improvements 100% of the value of the improvement approved by the City

The Downtown Revitalization Tax Exemption program will be discontinued on September 30, 2024. All applicable projects must be approved by the City of Prince George Planning and Development Department and construction must be completed by the September 30, 2024 deadline.



ELIGIBLE AREAS

DOWNTOWN INCENTIVES PROGRAM

Yellowhead Highway 1614 Minutes to

YXS Airport

Yellowhead Highway 166 Minutes to Highway 97



MULTI-FAMILY HOUSING INCENTIVES PROGRAMOVERVIEWThe table below outlines the incentives that are available to multi-family residential development located in Primary and Secondary Growth Areas (green and red areas shown on the map).

Primary Growth Area Secondary Growth Area• 10 Year Tax Exemption (100% exemption on the municipal portion

of taxes due on the increase in the assessed value of improvements over the previous year)

• Waiver of DCCs for Non-Profit Housing Units

• Reduced DCCs ($229 per unit) for Low Environmental Impact projects

• 5 Year Tax Exemption (100% exemption on the municipal portion of taxes due on the increase in the assessed value of improvements over the previous year)

• Waiver of DCCs for Non-Profit Housing Units

5 or 10 Year Tax Exemption Reduced DCCs ($229 per unit) for Low Environmental Impact

Waiver of DCCs for Non-Profit Housing Units

• Minimum Construction Value of $300,000.

• 50% of dwellings must meet the Adaptable Housing Standards.

• Individual units must include balconies or access to a shared green space.

• At least 3 of 4 exterior design standards must be met.

• All of the eligibility requirements for the 5 or 10 year tax exemption must be met.

• Minimum density of 50 dwellings per hectare.

• Low Flow Fixtures throughout the building.

• Water Efficient Landscaping or Xeriscaping.

• All of the eligibility requirements for the 5 or 10 year tax exemption must be met.

• DCCs are waived for individual dwellings that are managed by non-profits where the property owner enters into a covenant with the City restricting the tenure to non-profit housing for 10 years.

ELIGIBILITY REQUIREMENTSIn order to be eligible, projects must include 3 or more attached units and must meet the requirements outlined in the table below:

Development Cost Charges for Low Environmental Impact = ($229 * Number of Dwellings)

HOW TO CALCULATEAnnual Tax Exemption = [(Post-Development AVI – Pre-Development AVI) * (tax rate on municipal portion of taxes)] 1000

*AVI=Assessed Value of Improvements

Photo: PG Listings

The deadline to apply to the Multi-Family Housing Incentives Program is December 14, 2020. Projects will then have three years to be completed in order to receive the exemption.



MULTI-FAMILY HOUSING INCENTIVES PROGRAMELIGIBLE AREAS

Hart Neighbourhood

College Heights Neighbourhood

City Centre



City of Prince George - Planning and Development

[email protected]

Tel. 250.561.7611

City of Prince George - Economic Development

1100 Patricia Blvd. | Prince George, British Columbia, Canada V2L 3V9

Tel. 250.561.7633


development incentives and development... · • downtown incentives program: the program offers 10...

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