Commercial Development District Improvement

By mmuise
Description:

The Development Support Program is established to provide assistance to owners of eligible property by providing the possibility of an annual partial rebate on taxes levied by the owner if the owner has undertaken development of their eligible property within a Commercial Development District. The rebates are designed to stimulate building construction and the expansion of the economy of the CBRM. Rebates will be processed by December 31st of the calendar year.


Comments on Funding:

Funding is a partial rebate on taxes levied on an eligible property which underwent development. For eligible properties where the increase in assessment is $100,000 or greater, the development rebate shall extend over a ten-year period (decreasing from 90% of the tax increment in the first year to 10% of the tax increment in the tenth year). For eligible properties where the increase is less than $100,000 the development rebate shall extend over a period of five years ((decreasing from 90% of the tax increment in the first year to 10% of the tax increment in the fifth year).

Deadline: Continuous Intake
Eligibility:

Applicants must:

  • be owners of eligible property;
  • have entered into Phased-in Assessment Agrement with the CBRM;
  • be undertaking new commercial developments;
  • have a building permit prior to submitting their application.
Application Steps:

Submit the application form to Jennifer Campbell, chief financial officer, Cape Breton regional municipality, 4th floor, 320 Esplanade, Sydney, N.S. B1P 7B9.

Documentation Needed:

No specific documentation has been identified.

Other Things to Note:

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About the author
mmuise