The Hotel and Motel Revitalization Tax Exemption aims to promote the redevelopment of existing hotel and motel properties into new multi-family residential or mixed-use developments. The goal of this tax exemption is to improve the image and attractiveness of Kamloops and support housing diversity.
In order for a Project to be considered for a Tax Exemption, the following requirements must be met:
a) The parcel must currently contain a Hotel/Motel use;
b) The Hotel/Motel must be completely removed:
i) the Project must be multiple-family residential; or
ii) the Project must be mixed-use;
- “Mixed-use” means a development where the building or buildings on a lot are used for a combination of multi-family residential and commercial uses as specified in the City of Kamloops Zoning Bylaw No. 55.
- Any construction or alterations commenced prior to an approved application for a Tax Exemption will not be eligible for consideration.
- The Revitalization Tax Exemption Bylaw in effect at the time of Building Permit application will be the current bylaw.
Calculation of Revitalization Tax Exemption
The term of each Tax Exemption shall be ten (10) years. The tax exemption will be 100% of the amount of any increase in the assessed value of improvements in and on the Parcel between the year before the construction or alteration began and the year after which the Tax Exemption Certificate is issued (the “Increased Assessed Value”).