Business Improvement Program (BIP) 2017 Tax Credit

City of Corner Brook
Media Advisory

Confirmed at tonight’s Public meeting, Corner Brook’s City Council approved the launch of the Business Improvement Program (BIP) for 2017.

The BIP is an initiative aimed at improving the frontal appearance and/or landscaping of commercial properties in the City, while maintaining their traditional character and appeal.

A total of $50,000 in tax credit is available. Applicants need to include at least three of the eligible improvements listed on the application form thereby producing a noticeable change. The tax credit is substantial; up to 50% of project value, to a maximum of $10,000 tax credit. Applications will be evaluated on design, property visibility, application quality, and overall property improvement and impact.

“The program goal is to provide incentive to property or business owners through a tax credit to conduct building improvements that make Corner Brook a more interesting and appealing environment, and attract people and businesses to the area,” said Charles Pender. “The results of the BIP program will help build civic pride, improve our City and make Corner Brook a more interesting place to live, work, and shop.”

“The improvements last year have proven how valuable this grant program is, and we look forward to receiving this year’s applications. It is making a big difference to the look and feel of our City,” said Manas Mukhopadhyay.

The City of Corner Brook is committed to a comprehensive approach towards supporting local businesses and enhancing the appearance and character of buildings. As a part of this commitment we are supporting an incentive program created to encourage property owners and businesses to improve the appearance of their buildings and storefronts.

Application will be considered and approved on a first qualifying basis, until the entire $50,000 tax credit has been reached. The Program will  conclude on December 15, 2017.

Business Improvement Program 2017 (BIP)

The Business Improvement Program (BIP) for 2017 application and guidelines are now available on the City’s website at: http://www.cornerbrook.com/investing-incentives  or contact the Business Facilitator Manas Mukhopadhyay,  637-1551, bip@cornerbrook.com

History

In 2016 the program generated significant interest and several applications were received. After a comprehensive evaluation, seven applications were approved representing disbursement of full tax credit budget of $50,000.

In 2016 the following companies qualified for a tax credit under the program:

2016 Business Property address

  • National Shoe Stores Ltd. 84-86 Broadway
  • The Paint Shop 91 Broadway
  • AJ’s Bar & Billiards 71 Broadway
  • The Orchid 29 West Street
  • JKMP Holdings Inc. 2 Mount Bernard Avenue
  • Empire Atlantic 9 Herald Avenue
  • PWP Holdings Ltd 90 Broadway