420 Albert St. is poised to be repurposed into 23 residential micro rental units. (Ian Holmes/NanaimoNewsNOW)

By NanaimoNewsNOW Staff

tax break

Downtown Nanaimo micro-unit project receives tax break

Jan 21, 2024 | 6:08 AM

NANAIMO — A developer’s vision to transform a downtown office building into residential micro-units received a financial boost.

Last week Nanaimo City Council voted in favour of a property tax exemption incentive for the owner of the Don McMillan Memorial Building at 420 Albert St., which plans to establish 23 micro-units (under 500 sq/ft) for the residential rental market.

The Revitalization Tax Exemption Agreement runs for up to 10 years for the municipal portion of annual property taxes and only applies to the increase in assessed value resulting from the capital improvement.

Based on the projected 2024 municipal tax rate, the City estimates the exemption equates to about $3,100 annually.

A building permit application submitted in late Nov. valued at nearly $900,000 calls for various enhancements to re-purpose the 45-year-old brick structure, including seismic upgrades.

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The building, located between Selby and Wesley streets, was the former longtime regional headquarters of the BC Forest Safety Council.

A City staff report noted the micro-unit conversion is “a significant development that will provide much-needed housing for downtown residents.”

Coun. Tyler Brown was the lone vote against the recommendation to award the property tax exemption.

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