Corner Brook -
The City of Corner Brook is offering a tax credit to downtown businesses which invest in enhancing the facades of their buildings.
The new Downtown Restoration Program will offer a tax rebate worth 50 per cent of renovations valued up to $20,000.
Business owners will apply for the tax credit by outlining the improvements to be made to the building. Applications will be approved on the basis of good design, overall improvement to the building and impact on the look of the city's downtown area.
"A vibrant downtown is crucial to any successful city," Trina Burden, the City of Corner Brook's business resource manager, said in a prepared statement.
"Similar programs across North America have shown to be a valued economic development tool with a large multiple factor of private investment compared to the city's investment."
The city has approved a budget of $50,000 in the 2011 tax year since the credit for the value of the renovation work done in 2010 would be applied to the property or business tax bill in January 2011.
The City of Corner Brook encourages renovations to be mindful of the building's heritage and the original architecture of the structure. Businesses and property owners are encouraged, where possible, to seek out photos depicting how the building originally looked.
Burden said some downtown businesses have already gone about giving the facades of their buildings more of an historical look. In particular, she said the stretch of businesses on Broadway from The Co-operators to Christopher's Fine Quality Clothing, Dooley's and Telus all have been renovated to contain various aspects which would meet the criteria.
The restoration program would be the next step in the enhancement project initiated by the Downtown Business Association, which included installing interlocking brick sidewalks and heritage street lamps throughout the downtown core.
"The Downtown Business Association is fully supportive of this initiative as it helps fulfill one of our strategic directions to improve downtown's property value and occupancy rates," said chairperson Keith Watton in the press release.
The deadline to apply for tax credit program eligibility is May 14.
For more information, contact Burden at 637-1558 or via email at tburden@cornerbrook.com.
Included improvements:
Applications for the Downtown Restoration Program must include a minimum of three of the eligible facade improvements listed below. (For heritage buildings, facade improvements should enhance original architectural character of the buildings.)
- Exterior painting (not including painting of brick)
- Replacement of wood siding or installation of vinyl siding that looks like wood
- Replacement of doors or windows on any level of the front facade of the building
- Replacement or repair of cornice, parapets and other architectural features
- Brick cleaning treatments such as power washing
- Re-pointing of brick masonry
- Installation or replacement of awnings or canopies
- Installation and improvement of signage
- Installation or upgrading of exterior lighting features
- Re-design of storefront
- Installation of wheelchair ramps
- Other improvements as agreed to by the City of Corner Brook's planning and development division.
Source: City of Corner Brook
