The developer behind a plan to build a new mixed-use building in Ladner Village can take advantage of a City of Delta financial incentive program.
Council on Monday approved a staff recommendation to provide municipal property tax exemptions and municipal fee reductions, under the South Delta Revitalization Tax Exemption Program, for the six-storey Headwater Living development at the corner of Bridge and Elliott streets, currently the Dunbar Lumber site.
The bylaw for Ladner Village was enacted back in 2016 as part of the South Delta Business Sustainability Strategy to encourage investment in new and existing retail, commercial and mixed-use projects. Similar incentive bylaws were also in place on other parts of Delta.
Set to expire this year, eligible projects must be located within a specified investment zone and comprise a mixed-use development with a construction value of $5 million or more on land previously used for commercial purposes.
The proposed Headwater project, which received third reading by council earlier this year, meets the criteria, meaning it would get municipal property taxes frozen at the 2023 base level for three years, while the developer would also have an estimated $257,000 in savings on a building permit, plumbing permit and land use application fees.
Several residents opposed to the project wrote to council opposed to the incentive package, but Coun. Dylan Kruger said it’s the first such development project in Ladner Village which met the criteria.
He added that he was a member a Ladner Village revitalization committee which recommended more incentives to encourage much-needed redevelopment.
Mayor George Harvie agreed, saying the city and the rest of the region are going through a housing crises, adding Delta will be one of the first municipalities to be given a target by the province.
