The newly renovated Capitol Theatre in North Battleford is the first business to be approved for new tax incentives offered by the city and administration hopes other downtown establishments follow suit.
The Downtown North Battleford Revitalization Incentive Program was introduced last June as a way to encourage the renovation of buildings in the city's core.
Less than four months after the introduction of the program, city manager Jim Puffalt was proud to announce Magic Lantern Theatres, the corporation which owns the Capitol Theatre, as the first recipient at Monday night’s council meeting.
“Fortunately the Capitol Theatre was already under renovation when we rolled the program out so they just fit in well and it is exciting to see an uptake on the program,” Puffalt said. “It certainly proves there is value to the program. We know it is expensive to renovate, but there is a little bit of money we can give back to you.”
Puffalt added the program helps the community fulfill the Downtown Revitalization Plan.
Capitol Theatre will be receiving $6,200 a year over a five year span in tax breaks. Puffalt said the number is based on how much their property value increased due to the renovations. Magic Lantern Theatres estimated the total renovations at $630,015. Renovations took over three months before re-opening on June 2, 2017.
Puffalt said there are more applications for the program and hoped this approval would entice more businesses to apply. He added if businesses would like to apply, owners can call the planning and development team at city hall or visit the city website for more information.
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