396E Revitalization Tax Exemptions

• 396E (1) In this section:
• “exemption agreement” means an agreement under subsection (9);
• “exemption certificate” means a revitalization tax exemption certificate issued under subsection (10);
• “owner”, in relation to a property, means the registered owner or the owner under agreement;
• “revitalization program by-law” means a by-law under subsection (4).
• (2) Despite section 396, the Council may, for the purpose of encouraging revitalization in the city, provide tax exemptions for land or improvements, or both, in accordance with this section.
• (3) For a revitalization tax exemption under this section to apply to a particular property,

• (a) the exemption must be in accordance with a revitalization program by-law under subsection (4),
• (b) an exemption agreement under subsection (9) must apply to the property, and
• (c) an exemption certificate for the property must have been issued under subsection (10).

• (4) A revitalization tax exemption program must be established by a by-law that includes the following:

• (a) a description of the reasons for and the objectives of the program;
• (b) a description of how the program is intended to accomplish the objectives;
• (c) a description of the kinds of property, or related activities or circumstances, that will be eligible for tax exemptions under the program;
• (d) the extent of the tax exemptions available;
• (e) the amounts of tax exemptions that may be provided under the by-law, by specifying amounts or by establishing formulas by which the amounts are to be determined, or both;
• (f) the maximum term of a tax exemption that may be provided under the by-law, which may not be longer than 10 years.

• (5) A revitalization program by-law

• (a) may include other provisions the Council considers advisable respecting the program including, without limiting this,
  • (i) the requirements that must be met before an exemption certificate may be issued,
  • (ii) conditions that must be included in an exemption certificate, and
  • (iii) provision for a recapture amount that must be paid by the owner of the property to the city if the conditions specified in the exemption certificate are not met, and
• (b) may be different for
  • (i) different areas of the city,
  • (ii) different property classes under the Assessment Act,
  • (iii) different classes of land or improvements, or both, as established by the by-law,
  • (iv) different activities and circumstances related to a property or its uses, as established by the by-law, and
  • (v) different uses or occupancies as established by zoning by-law.

• (6) Before adopting a revitalization program by-law, the Council must

• (a) give notice of the proposed by-law in accordance with sections (7) and (8), and
• (b) consider the by-law in conjunction with the objectives and policies set out in the report under section 219(2)(c).

• (7) The notice required under subsection (6) must

• (a) be published in accordance with section 3, and
• (b) from the date on which the notice is first published under paragraph (a) of this subsection, be posted for public inspection in the City Hall during its regular office hours.

• (8) The notice required under subsection (6) must include a general description of each of the following:

• (a) the reasons for and the objectives of the program;
• (b) how the proposed program is intended to accomplish the objectives;
• (c) the kinds of property, or related activities or circumstances, that will be eligible for a tax exemption under the program;
• (d) the extent, amounts and maximum terms of the tax exemptions that may be provided under the program.

• (9) The Council may enter into an agreement with the owner of a property respecting

• (a) the provision of a revitalization tax exemption under this section,
• (b) any requirements that must be met before an exemption certificate is issued, and
• (c) any conditions on which the tax exemption is to be provided.

• (10) Once

• (a) all requirements established in the revitalization program by-law, and
• (b) any additional requirements established in the exemption agreement

• have been met, a revitalization tax exemption certificate must be issued for the property in accordance with the exemption agreement.
• (11) An exemption certificate must specify the following in accordance with the exemption program by-law and the exemption agreement:

• (a) the extent of the tax exemption;
• (b) the amount of the tax exemption or the formula for determining the exemption;
• (c) the term of the tax exemption;
• (d) if applicable, the conditions on which the tax exemption is provided;
• (e) if applicable, that a recapture amount is payable if the exemption certificate is cancelled, and how that amount is to be determined.

• (12) So long as an exemption certificate has not been cancelled, the land or improvements, or both, subject to the exemption certificate are exempt from taxation under section 373 as provided in the exemption certificate.
• (13) An exemption certificate may be cancelled by the Council

• (a) on the request of the property owner, or
• (b) if any of the conditions specified in the exemption certificate are not met.

• (14) An exemption certificate or cancellation does not apply to taxation in a calendar year unless the exemption certificate is issued or cancelled, as applicable, on or before October 31 in the preceding year.
• (15) The Director of Finance, or another city employee authorized by the Director of Finance, must

• (a) provide a copy of an exemption certificate to the assessor as soon as practicable after it is issued, and
• (b) if applicable, notify the assessor as soon as practicable after an exemption certificate is cancelled.

• (16) In each year,

• (a) no later than the adoption of the rating by-law under section 373(1), the Director of Finance must prepare and submit to the Council a report for the previous year that includes, for each tax exemption provided under this section, the amount of real property taxes that would have been imposed on the property in that previous year if it were not exempt for that year, and
• (b) as soon as practicable after receiving the report, the Council must consider the report and make it available to the public.

2007-24-48; 2010-6-132.