WHEREAS the Province of British Columbia once administered a Downtown Revitalization Program, which generated tremendous benefits and returns to those communities who participated in the program; AND WHEREAS direct benefits were also returned to the Province through increased commerce, tourism and income tax revenues: THEREFORE BE IT RESOLVED that the Government of the Province of British Columbia be requested to reinstate the Downtown Revitalization Program and to provide adequate financial resources to provide substance to this extremely valuable provincial program.
Ministry of Community Services The Downtown Revitalization Program provided funding for projects at a time when local government had fewer financing tools. In recent years, the Province of British Columbia Province has created a number of tools that could be used by local government to undertake downtown revitalization programs. Furthermore, with the creation of the Municipal Finance Authority MFA and changes to the Community Charter, local governments now have access to short and long-term capital financing at competitive interest rates. The Community Charter authorizes local governments to provide tax exemptions for protected heritage properties and areas designated for revitalization. Local governments can designate revitalization areas through a financial plan or official community plan. Local governments can also establish local area services and business improvement areas. Any type of local government service may be provided through a local service area and business improvement areas allow for a broad range of initiatives including improving or beautifying streets, heritage conservation or projects to encourage more business. Local area services are financed in whole or in part by property owners within the service area. The Local Government Act authorizes municipalities to exchange density for community amenities. A broad range of public amenities can be secured to support revitalization projects including street beautification, environmental enhancement or underground parking.