Time is running out on a five-year program aimed at drawing more multiple-family development to the city.
Launched in December 2015, it ends in about 13 months time, city council was told on Monday night.
It gives a 10-year exemption from property taxes for projects located in any of five "primary growth" areas immediately to the west of the central business district and a five-year exemption for those in either of two secondary zones in the Hart and College Heights.
Incentives also include a waiver of development cost charges for projects backed by non-profit organizations and, in the primary areas, reductions for those that meet standards for low environmental impact.
As it stands, three projects worth nearly $24 million in total and adding up to 209 units have qualified since the incentive was put in place - the Riverbend seniors complex at 1444 20th Ave., Ts'oo Yoh at 1811 Spruce St., and 9 on 7th at 1694 7th Ave. All of them are in any of the primary growth areas.
The breaks are also open to renovations of existing multi-family buildings in those areas, but so far there have been no takers.
If the total value reaches $75 million before the five years lapses, the program will end but that appears unlikely, city planner Tristan Deveau told council.
He said backers of one of the projects were thinking of building in the city's downtown, where they would also have gotten a tax exemption, but opted for one of the sites just outside because of the breaks on development cost charges.
All of the projects exceeded the 50 per cent minimum for so-called adaptability requirements to make them friendly for occupants with mobility issues, Deveau also noted.
Under legislation passed this year, projects that qualify for the incentive also get a break from the provincially-imposed school tax on property.
Developers have until Dec. 14, 2020 to submit an application and the project must be ready for occupancy by Sept. 30, 2023 to qualify for the breaks under the existing program.
With time running out, Deveau said steps are being looked at to increase awareness