Victoria city council has voted to give a three-year property-tax break to the developer of the former Wellburn's grocery store site as they work on seismic upgrades and heritage restoration. The decision goes against the advice of city staff, who recommended declining the application due to not meeting all the criteria for the tax incentive program.
Victoria city council has come up with a compromise that would give the developer of the former Wellburn’s grocery store site a three-year property-tax break as it works on seismic upgrades and heritage restoration as part of a new development.
The program, which can offer a break on property taxes for up to 10 years, is designed to help developers preserve heritage elements of buildings while they perform seismic upgrading. Jeremy Caradonna acknowledged the risk in approving the tax break for projects that don’t meet the criteria, as other developers may want the same treatment. “But when I stand back and think about that, that means that there are proponents out there who are willing to work on heritage buildings,” he said, noting those projects are more complicated and expensive than traditional development.
A city staff report said while the project does bring needed rental housing and has heritage designation, construction began before the tax-incentive application came to council, developers excavated below the original building foundations and they intend to build higher than allowed, among other problems.
Victoria City Council Property Tax Break Wellburn's Grocery Store Seismic Upgrades Heritage Restoration Development
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