Merritt will see over $1.9 million in new construction in 2012, thanks in large part to the City of Merritt's revitalization tax exemption, say city officials.
Business and economic development manager James Umpherson says the city has approved two major construction projects since the exemption bylaw was passed earlier this year.
The bylaw was designed to provide the "tipping point" for new investment in the community.
"These new initiatives represent the type of development projects that are important to the City of Merritt," says Mayor Susan Roline.
Under the bylaw, new businesses or new development to existing businesses valued over $20,000 will be exempt from 100 per cent of municipal taxes in the first year, 75 per cent the second year, 50 per cent the third year, and 25 per cent the fourth year before facing full taxation in the fifth year.