Agenda Package - City of Vernon

ln its response to the 2007 resolution on this topic, the Ministry of Communíty Seraices identified tools
for locøI goaernments to use when undertaking downtown reaitalizntion programs. One tool is a
reaitalization tax exemption, which canbe used for social, economic or enaironmental reaitalizøtion, øs
well as heritage properties and areøs designated for reaitølization. Alternøtioely, the Ministry pointed
out that the BC Spirit Squnres and Tou¡ns for Tomorrow funding programs are designed to nssist with
dow nt ou¡ n r ea it alizatio n,
The Ministry also suggested that the creation of the Municipal Finnnce Authority and changes to the
Community Chnrter had enabled local goaernments to øccess short- and long-term cøpital finnncing at
comp etitia e int er e st r at es.
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