Building Improvement Loan Program (BILP) provides up to a $30,000 interest-free loan which can be used for exterior improvements such as awnings, landscaping and signage for businesses in one of the 17 Commercial Revitalization Districts (includes Arbutus). This loan can be combined with the other economic development incentives for larger projects. Some minor interior and equipment improvements may also be financed.
The Real Property Tax Credit Eligible companies that make improvements to real property in the Zone can benefit from property tax credits over a 10-year period. For the first five years, the tax credit is equal to 80% of the increase in property tax owed resulting from the new investment. The tax credit declines in the remaining five years by 10% annually. The sample table on the next page shows the tax rates and credit amounts resulting from a $500,000 improvement. Please note: The property tax credit is granted on whole taxable years only; a business would have to pay any half-year levy tax bills should the capital improvement be assessed as complete before July 1 of the first year of eligibility.