City Council approves substantial tax breaks for downtown Nanaimo developments
NANAIMO — A new multi-family residential development in Nanaimo’s downtown was just approved for major tax exemption to the tune of over $250,000 a year.
The property at 235 Wallace St. is owned by TELUS Communications Inc., and is being redeveloped into a 195-unit multi-family development.
During the Oct. 24 regular council meeting, Council approved their applications to be added to the Downtown Revitalization Tax Exemption Program (DRTE) for ten years.
Councillors Tyler Brown and Ben Geselbracht were the lone dissenting votes, with Brown saying he doesn’t see how this serves the community.