File photo © Can Stock Photo / jhan.File photo © Can Stock Photo / jhan.
Sarnia

Vacancy Tax Rebate Extended

A vacancy tax rebate program offered to commercial and industrial property owners will be maintained for another two years.

Lambton County Council decided to extend the program at its meeting Wednesday in Wyoming.

Mayor Mike Bradley thinks the direction is fair and expects the economy will be "substantially better in two years."

"The purchase of Bayside Mall will take a big amount of square footage out of contention as it relates directly to retail, but there will still be some retail there," says Bradley.

He says after two years, council should move forward with eliminating the rebate.

"There's a responsibility of the business community and property owners to maintain their properties and invest in them. But, giving them this notice says that you've got some time," says Bradley. "You still will be treated fairly during that time period."

Successful municipal property owners have received as much as a 35% tax rebate in the past.

In 2013, Sarnia's vacancy rate was calculated at 15%, considerably higher than the Ontario average between 5% and 7%.

Sarnia Lambton Chamber of Commerce President Shirley de Silva thinks the county can use the rebate to leverage or attract business development since 40 other Ontario municipalities are eliminating or phasing out the program

The province gave municipalities the authority to decide whether or not they wanted to continue the program in 2017.

Read More Local Stories