The first and most dramatic incentive grant intended to kickstart downtown development has been given to KBS Development Ltd., of East 54th Avenue, in Vancouver.
Council Monday OK’d writing a cheque for $31,094 to the developer to reimburse 10 per cent of the $310,940 development cost charges the builder has already paid.
The grant is the newest and most dramatic step in a package of discounts and exemptions the district has created to entice downtown development and growth of a central core along an eco-friendly, Smart Growth on the Ground-based plan.
The general aim is to create a more dense downtown that will see its population grow from 8,500 to more than 20,000.
KBS is building a four-storey, 35-unit apartment complex at the foot of 224th Street, at Haney Bypass.
Under the district’s Town Centre Investment Incentive Program, the project is eligible for assistance for up to 10 per cent of the development cost charges, to a maximum of $50,000.
If the project had met the silver standard in Leadership in Energy and Environmental Design, it could have received up to $75,000.
Combined with other incentives, the developer will save about $136,000.
Those other incentives include a $21,000 discount in the $30,000-building permit required. As well, the developer gets a three-year property tax holiday, which works out to a savings of about $84,000.