prince george, british columbia

PRINCE GEORGE, BRITISH COLUMBIA
PRINCE GEORGE – 2015 DOWNTOWN PROSPECTUS
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DOWNTOWN PRINCE GEORGE
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British Columbia
City of Prince George
Downtown Prince George C1 Zone
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PRINCE GEORGE ECONOMIC SNAPSHOT
• A
s the largest city in Northern British Columbia, Prince George is the service and supply hub for one of the fastest-growing
regions in the country.
• T
he city’s economy has expanded by an average of 4.7% annually since 2010, which is almost double the growth rate of
British Columbia as a whole (2.4%). The principal sectors in Prince George’s diversified economy include retail trade,
healthcare, manufacturing, construction, education, transportation, and warehousing and tourism.
• T
he city offers superior transportation connectivity for local businesses and residents via road, air, rail and marine
infrastructure. This transportation network gives Prince George businesses and residents easy access to anywhere in
the world.
• P
rince George is home to the main campuses of the College of New Caledonia and the research intensive, awardwinning University of Northern British Columbia (Canada’s Green University). These institutions enrol more than
10,000 students annually.
• M
ore than $100M has been invested in healthcare infrastructure in Prince George in recent years, including the BC Cancer
Agency Centre for the North and the Canadian Cancer Society’s Kordyban Lodge.
• T
he downtown core will be home to the athletes’ village and Games ceremonies when Prince George hosts the Canada
Winter Games in 2015.
PRINCE GEORGE STATISTICAL SNAPSHOT
Annual
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3yr Average
Annual Growth
DOWNTOWN SNAPSHOT
Total area (C1 Zone)
53 Hectares
City Population (2012)
76,286
+0.80%
Assessed value C1 Zone (2014)
$387M
CA Population (2012)
88,043
NA
Vacancy Rate (2012)
13.3%
19,165
35%
Employment (2013)
49,600
+4.67%
Daytime working population (2012 est.)
Housing Starts (2013)
200
+9.27%
Building Permit Value (2013)
$116,243,448
+4.50%
Building Permits (2010-2013)
Airport Passengers (2013)
426,709
+3%
Number
107
Value
$79.0M
26.3%
% of city working population
% of city permit values
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PRINCE GEORGE – 2015 DOWNTOWN PROSPECTUS
SELECTED DOWNTOWN CAPITAL INVESTMENTS
1
onstruction of a new $25 million RCMP Detachment is being finalized at the
C
corner of Victoria Street and 5th Avenue. The 63,645 square foot facility has been
designed to LEED standards and includes many energy saving and environmental
features.
1
2 A $25.1 million Wood Innovation and Design Centre (WIDC) is being constructed
in downtown Prince George and is slated to be finished in the fall of 2014. The 29.25
metre (95.96 foot) building will be a key component of downtown revitalization
and will showcase British Columbia’s expertise and global reputation as a leader in
wood construction, wood design, and engineered wood products.
3 C
onstruction of a brand new $35 million hotel began in Prince George during
2013. Slated to open in 2015, the hotel will be the first four-star, full-service hotel
in the city. The hotel will offer 170 guest rooms, nine extended stay suites, one
hospitality suite and more than 7,000 square feet of meeting and conference space.
4 The Ramada Hotel and the Coast Inn of the North have recently undergone
$7.4 million and $8 million worth of renovations, respectively, to their
buildings and guest facilities. These renovations are in response to an evergrowing market for hotel accommodations in Prince George.
www.investprincegeorge.ca
2
3
4
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PRINCE GEORGE – 2015 DOWNTOWN PROSPECTUS
TARGETED BUSINESS AND DEVELOPMENT AREAS
Yellowhead
Highway 16
14 Minutes to
YXS Airport
Yellowhead
Highway 16
6 Minutes to
Highway 97
Public Transit
VIA Rail Train Station
DEVELOPMENT INCENTIVES:
The City of Prince George has established a Downtown Incentives Program to encourage new residential development, commercial
development and façade improvements for buildings in the downtown. The Program offers incentives for new multi-family, mixeduse, commercial and green development, as well as upgrades to existing buildings in downtown Prince George. The new program
augments the City’s current suite of development incentives which include:
• C1 flexible zoning that allows for a variety of compatible uses;
• Lowest Development Cost Charges amongst all cities in British Columbia;
• City of Prince George provides off-street parking, and no up-front capital parking costs to developers.
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www.investprincegeorge.ca
PRINCE GEORGE – 2015 DOWNTOWN PROSPECTUS
DOWNTOWN INCENTIVES PROGRAM
The City of Prince George’s Downtown Incentives Program offers incentives for new multi-family, commercial, mixed use and green
development, and improvements to existing development in downtown Prince George.
1. Revitalization Tax Exemption Program
The City of Prince George Downtown Revitalization Tax Exemption Bylaw provides 10-year municipal tax exemptions for projects
that meet the criteria set out in Tables A, B and C.
2. Northern Development Initiative Trust Community Revitalization Program
Through an innovative program developed through a partnership between Northern Development Initiative Trust and the City of
Prince George, additional incentives are available for projects that meet the criteria set out in Table A (b) or (c), Table B (e) or Table C
(f). The program has two components:
a. RTE Early Benefit Program
Qualified property owners may choose to receive an amount equal to the value of the tax exemption that would have been
received through the City’s Revitalization Tax Exemption Program. Property owners are not eligible to receive a tax exemption
and benefit through this program for the same property.
b. Housing Contribution Program
Contributions of $10,000 per unit are available for residential and mixed use projects that meet the criteria set out in Table A
(b) or (c), payable to the property owner on issuance of an occupancy permit.
QUALIFYING CRITERIA: REVITALIZATION TAX EXEMPTION AND RTE EARLY BENEFIT PROGRAM
Table A – Revitalization Tax Exemption for Residential and Mixed Use Development
Description
Residential Development
Area A: Medium density mixed use or high density multi-family development
Area B: Medium density multi-family development
Minimum Investment
(a) $50,000
(b) $500,000
(c) $500,000
Location
Area A & B
Area A
Area B
Improvements
Any construction or upgrade
Any new construction
Any new construction
Exemption
100% of increase in assessed value of
improvements over previous calendar year
100% of assessed value of
land and improvements
100% of assessed value of
improvements
Table B – Revitalization Tax Exemption for Commercial Development
Description
Commercial Development
Minimum Investment
(d) $50,000
(e) $500,000
Location
Area A
Area A
Improvements
Any construction or upgrade
Any new construction
Exemption
100% of increase in assessed value of
improvements over previous calendar year
50% of assessed value of land and 100% of
assessed value of improvements.
Table C – Revitalization Tax Exemption for LEED Certified Development and Exterior Improvements
Description
LEED Certified Development
Exterior Improvements
Minimum Investment
(f) $500,000
(g) $20,000
Location
Area A & B
Area A
Improvements
LEED certified developments
Any exterior improvement
Exemption
100% of assessed value of land and improvements
100% of the value of the improvement approved
by the City
Minimum investment = Minimum qualifying value of project, derived from building permit.
In all cases, the exemption granted includes municipal taxes only for a 10 year period with no decline in benefit.
High density multi-family = Minimum 3 residential units and density ≥ 90 units per ha.
Medium density multi-family = Minimum 3 residential units and density ≥ 20 < 90 units per ha.
Medium density mixed-use = Mixed use development with minimum 3 residential units and density ≥ 20 < 90 units per ha.
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PRINCE GEORGE – 2015 DOWNTOWN PROSPECTUS
DEVELOPMENT INFORMATION
DOWNTOWN DEVELOPMENT PERMIT GUIDELINES
Prince George City Council adopted Downtown Development Permit Guidelines in 2012. The Guidelines are intended to guide
the form and character of development by encouraging high quality design strategies and approaches that contribute to the
downtown’s unique identity. The complete document is available on the City of Prince George’s website (www.princegeorge.ca)
and the website of City of Prince George - Economic Development (www.investprincegeorge.ca).
DEVELOPMENT COST CHARGES (DCCS)
The City of Prince George has established significantly lower DCCs for the downtown, compared to the rates established in other
areas of the city. Development Cost Charge Bylaw No. 7825 identifies the charges applicable to the downtown (Area D) as follows:
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Type of Development
DCC
Single Family / Two Family Residential (per parcel)
$3,529.00
Higher Density Single / Two Family Residential (per parcel)
$2,899.00
Multi-Family Medium to High Density (per unit)
$229.00
Commercial (per m²)
$2.85
Industrial (per ha)
$5,282.00
Institutional (per m²)
$2.10
www.investprincegeorge.ca
PRINCE GEORGE – 2015 DOWNTOWN PROSPECTUS
PRINCE GEORGE REALTY OFFICES
Caledonia Realty Ltd.
102 - 1531 8th Avenue
250.614.4433
Coldwell Banker Boardwalk Properties
1448 6th Avenue
250.564.4663
Doucette Realty Ltd.
1272 5th Avenue
250.562.2121
MaxSave Realty
2582A Queensway Street
250.562.6228
Pace Realty Corp.
455 Quebec Street
250.562.6671
RE/MAX Centre City Realty
1679 15th Avenue
250.562.3600
Royal LePage Prince George
1625 4th Avenue
250.564.4488
Team Powerhouse Realty
1253 5th Avenue
250.563.1000
Photo: Alex Zander Photography
www.investprincegeorge.ca
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For more information contact:
City of Prince George
250.561.7633
www.investprincegeorge.ca