NEWS — The City’s sale of the historic CN station building for $1 didn’t please some heritage buffs but it could mean a handsome saving for taxpayers.
A report going to City council Tuesday from corporate services and community safety director David Duckworth recommends a tax exemption bylaw amendment for the building.
Part of the agreement for the sale was that the heritage tax exemption period would be reduced from the years 2010-2019, to 2010-2015. Duckworth says the original 10-year exemption included a cap of $487,432.
“To ensure the reduction of taxes meets the number of years reduction, the total accumulated tax for the four-year period of 2010 to 2013, inclusive, has been amended to $367,432.”
That’s a difference of $120,000.
Assuming council gives the bylaw amendment its first readings, it would be advertised and brought back for public submissions at the regular council meeting in two weeks.
While council approved converting the lease of the Lorne Street heritage building to ownership by Kam Station Holdings last Dec. 10 at a closed meeting, the decision wasn’t made public until three weeks ago.
The Kamloops Heritage Commission expressed its displeasure with the fact it wasn’t consulted on the sale. Parks, recreation and culture director Byron McCorkell said at the time the sale doesn’t impact the heritage status of the building, but the City won’t have any maintenance responsibilities.
The developer contended ownership would make the property easier to develop.