The first major project to receive the recently-introduced downtown tax incentive is the Capitol Theatre renovations.
Council unanimously approved the application made by Tom Hutchinson and Magic Lantern Theatres, whose incorporated entity Rainbow Cinemas Inc. will receive the incentive.
According to documents presented to council Monday night, the value of the work came to $630,015, well in excess of the $500,000 needed to qualify the project for the five-year incentive on the municipal portion of property tax.
The Capitol qualified for the “Building Improvements and Expansion” incentive for the work completed there this spring and summer. The theatre was closed for three months of extensive renovation work before it reopened June 2 for the screening of Wonder Woman.
The work done included construction, removing the dividing wall that had divided the theatre into two cinemas, the HVAC, new permanent seating, replacing the office windows, roof work, and renewing the signage, among other improvements.
According to city numbers, $6,144.63 in municipal taxes will be exempted for 2017. However, the BID levy, UPAR levy and school tax would still be paid, amounting to $3,864.43.
City manager Jim Puffalt said it was indeed the first application under the new incentive policy, coming from “a good corporate citizen who is looking to make a large investment in the city of North Battleford.”
“They’ve done a great renovation job. The theatre is a beautiful place to go and sit and watch a movie again. And so we certainly thank them for their commitment. We look forward to their additional build in 2018.”
Puffalt also called it a good example of what the tax incentive was trying to accomplish: to renovate a building and get it back into production.
“It really is an experience to go in there,” said director of planning and development Jennifer Niesink about the renovated theatre, noting the applicant had committed to a number of other buildings in the city. “We’d like to just thank them again for their commitment to the city.”
