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Is this redistribution of tax dollars? By freezing the tax burden at the start of the CRA for properties within the redevelopment zone while remaining properites (outside the zone) are taxed on a variable basis (typically increasing).
Sounds like government control with alot of stuff undefined. I believe at this early stage of review, that it is simply another government program under the cloak of partnership with private business.
I am still confused as to why we need to create an "artificial" zone to divert monies to this zone by "artificially" freezing the tax burden of these properties so all the increasing valuation within this zone is used solely for this zone.
I like the old and proven way of reviewing zoning, safety etc to manage where tax dollars are better spent as well as its impact on market conditions or lack of.
In the end I tend to support business models for development who typically have skin in the game. This usually sharpens the investors review of risk.
At this meeting, I heard alot of we do not know but we need to move forward in order to probe because we have a report that meets the criterial set by the government for an economic hardship zone.
All in all, it is a distortion of tax assessment and tax dollars distribution to create an "advantage".
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