District of Squamish rolls out first-ever investment incentive program

With economic development as a top priority for District of Squamish Council, the District is rolling out its first-ever investment incentive program, available now through August 31, 2016. The incentive program provides property tax exemptions and façade improvement grants targeting commercial and mixed-use developments in Downtown and industrial development in the Business Park.

“Business growth and new business investment contribute greatly towards achieving a diverse, thriving and resilient economy within our community,” says District of Squamish Mayor, Rob Kirkham. “This incentive program helps to support our downtown revitalization initiative as well as support the ongoing growth of the Squamish Business Park. The incentives provide an additional push to invest now, and will ultimately result in growth and new jobs for Squamish.”

How it works:

Downtown Commercial Projects:

• Minimum building permit value of $500,000;
• Building permit issued between November 6, 2013 and  August 31, 2016;
• Incentives: five-year property tax exemption on the assessed value of the improvements, and parking requirement reductions.

Downtown Mixed Use Projects:

• Minimum building permit value of $1,000,000;
• Building permit issued between November 6, 2013 and August 31, 2016;
• Incentives: five-year property tax exemption on the assessed value of the improvements.

Business Park Industrial Projects:

• Minimum building permit value of $500,000;
• Building permit issued between November 6, 2013 and August 31, 2016;
• Incentives: five-year property tax exemption on the assessed value of the improvements.

Downtown Façade Improvements:

• Businesses located in the Downtown Squamish Business Improvement Area (BIA) can qualify for a grant of 50 per cent of façade improvement costs (minimum project cost of $1000), to a maximum grant of $1,000. Grants for the “Look Fresh – Façade Improvement Program” are provided by the BIA.

Timing is everything and there is no better time for businesses to consider investing or growing in Squamish. With its young and rapidly growing population, Squamish is experiencing unprecedented business investment interests in the areas of Tourism, Industry, Education, and Oceanfront development. Only 45 minutes from Whistler or Vancouver, Squamish remains relatively affordable compared to Lower Mainland suburbs, and with such a wide variety of world-class outdoor recreation pursuits in close proximity, the community offers a highly-prized lifestyle to its residents.

“When we interviewed 126 local businesses as part of the Business Retention and Expansion program, they identified finance and lack of suitable space as the top barriers to expansion,” continues Kirkham. “The investment incentive program targets the creation of new space while providing a financial break in taxes during the initial years of occupancy.”

For further information please contact the District’s Economic Development Officer Dan McRae at 604-815-5020 or by email, or visit the Economic Development section of our website.

December 10, 2013