The Town of Prescott has taken another step towards eliminating the Vacancy Rebate Program for Commercial and Industrial Properties.
At this week’s Committee of the Whole meeting a motion was put forward that recommended Council phase out the Vacancy Rebate Program for Commercial and Industrial Properties by first reducing the rebate to 15% in 2017 and then to 0% in 2018. The process started April 3rd when staff suggested maintaining the current vacancy rebate program while monitoring the changes other municipalities made, and how those changes affected property owners. During the May 15th meeting options for changing the program were put forward and staff were told to proceed with the ‘phased elimination option’, but only after conducting a public consultation and reporting back to Council.
A public information session was held on June 13th where property owners were encouraged to discuss the proposed changes to the rebate program. The four commercial property owners present were joined by several members of Council. Each of the property owners present had the chance to give feedback on the proposed changes. Questionnaires were handed out, and posted online, to encourage feedback from effected parties.
The motion also contained a suggestion of what Council should do with the money saved from phasing out the rebate program. The Committee of the Whole suggest that Council direct staff to revise the existing Community Improvement Plan using the funds that would be saved. The Community Improvement Plan is designed to subsidize business startups in the downtown Prescott area and is currently reserved for things like signage and façade. How the Community Improvement Plan will change when the money is introduced has not yet been decided.
The motion suggesting phasing out the Vacancy Rebate Program for Commercial and Industrial Properties, and rolling the money saved in to a revised Community Improvement Plan, was carried by a vote of 5-1.
