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Downtown Investors Reap the Benefits of Rebate Programs

Five downtown Yarmouth entrepreneurs received rebates this year as part of the Town of Yarmouth’s Phased-In Assessment Program

Wednesday, March 4th, 2020 - Yarmouth, N.S. - In March of 2019, Old World Bakery & Deli owner Nathan Bain received a significant rebate cheque from the Town of Yarmouth. Having already received grant money from the Façade Improvement program, Bain was happy to receive another return on the considerable investments he made at his 381 Main Street location. Nathan received another rebate recently, but this year he was not alone.

Four more valued entrepreneurs received rebates as part of the Town of Yarmouth’s Development Rebate Program. Heritage Brewing Company (Heritage Brewery), Jade Enterprises (Old Court House building at 403 Main Street), Maltais Holdings Ltd. (SIP/Every Bloomin’ Thing), and Windrose Holdings (274/276 Main Street) all received cheques last week.

The creation of the phased-in development rebate and façade improvement programs have made a real impact on downtown revitalization. While the façade program assists downtown property owners and tenants with the financing of building façade improvements through grants, the Development Rebate Program helps ease the burden of the increase to the taxable assessed value of their redeveloped properties through rebates. Property owners within the Central Business District can apply for annual partial rebates of up to ten years on commercial taxes if they’ve undertaken development of their property.

Dr. Brian Moses of Jade Enterprises took on a huge project transforming the former court and municipal offices at 403 Main Street. While still a beautiful building with plenty of potential, it needed someone with vision to develop the property into the mix of medical offices and living spaces that it has become today. It also required a big financial investment. Dr. Moses cites the rebate incentive as important in deciding to move ahead with the project.

“Making the decision to set up a medical clinic was not an easy one, and the financial implications were significant,” said Moses. “This was particularly relevant because of the renovations and the associated change in assessment value, which would mean a big tax bill. One of the reasons I felt that I could move ahead with it was the incentive being offered by the town, which dramatically lowers my tax bill. It was certainly a happy day when Mayor Pam Mood came with my reimbursement cheque for the tax refund!”

Since redeveloping their property at 250 Main Street, Heritage Brewery has become a popular downtown gathering place. Along with delicious craft beer and great live entertainment, the space is tastefully designed and very inviting for locals and visitors alike.

Co-Owner Jeff Bain knows the investment it takes to be successful and that every little bit of help a business like his can receive makes a difference. "An incentive program like this is very important so that we are able to keep a little more cash in the company,” said Bain. “That will in turn allow for future growth and revenue. It allows for a higher potential for success on our part which is a win for the town, both in the short and long term."

Mathieu Maltais has invested heavily in downtown Yarmouth and has been a key figure in breathing new life into Main Street. “Every Bloomin’ Thing” offers a high-end shopping experience and SIP Café provides one of the finest café experiences in the entire region.

When asked about the importance of the development program for his businesses, Maltais said “the rebate program has provided us with essential financial support to improve our buildings downtown and enhance the quality of our services and facilities.”

It was important to Mayor Pam Mood to deliver the rebates in person. “Giving something back to these business and property owners for their contributions to the fabric of our downtown is very fulfilling. When you consider the time, money, and energy they and others have put into their properties and businesses, we simply can’t thank them enough. Their belief in our community is transforming our downtown and making Yarmouth a better place.”

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To find out more about the Façade Incentive Program and the Phased-In Assessment Program please visit:

Phased-In Assessment Program - https://www.townofyarmouth.ca/development-rebate-program.html
Downtown Facade Improvement Program - https://www.townofyarmouth.ca/downtown-facade-improvement-program-1.html

OR contact:

Natalie Smith
Town of Yarmouth Economic Development Officer
This email address is being protected from spambots. You need JavaScript enabled to view it.
(902) 742-1505

 

Town of Yarmouth

 This is an exciting time for the Town of Yarmouth. By working together, we can meet today’s challenges and build a better future.”

Pam Mood

Contacts

Town of Yarmouth
400 Main Street
Yarmouth, B5A 1G2

  (902) 742-2521
  (902) 742-6244

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