PENTICTON, B.C. For Immediate Release ‘September 10, 2010 Economic Investment Zone Incentive Program A Success (On February 16, 2010, Council adopted the “Economic Enhancement Investment Zone Bylaw" for the purpose of stimulating construction of new buildings and promoting significant alternations to existing buildings In three zones of the City (downtown, hotel/motel, and industrial) Eligible projects are provided with a property tax exemption on the incremental value cof new building and buiding alterations, a partial building permit fee exemption, and a reduction in development cost charges for those buildings that are designed to result in a low environment impact. Since this program was adopted, the City is pleased fo announce that it has received four applications whereby the applicants are able to qualify for tax relief and building permit fee reduction incentives ~ one of which also qualifies for a Development Cost Charge reduction. Two of these projects are located downtown and the other two are within the industrial area, For the Development Cost Charge reduction application in the Industrial area, the building permit has been issued and the applicants are proposing to meet 42 points of the 40 points required on the sustainabilty checklst in order to achieve a 50% reduction in development cost charge fees. ‘A second application within the Industrial area is currently under review and the applicant working towards meeting the 40 points needed to receive the 60% DCC reduction. According to Mayor Dan Ashton, "This is a great opportunity for both the community and the developers. It helps the revitalization of the City, assists with offsetting overall costs of construction, and puts people back to work.” Feedback has been positive in the development community on Councits initiatives and staf is expecting more applications in the next few months, For further information contact: Mayor Dan Ashton at (25C) 809-2840 or ‘Anthony Haddad, Director of Development Services (250) 490-2520 City of Penticton whe peniicion G2