Raise taxes or cut services.
That's the dilemma the new Coldstream Council will be facing next year due to the pending closure of the Owens Illinois glass plant in Lavington.
Financial director Catherine Lord says the shut down will result in up to 200-thousand dollars in lost taxes and energy fees to the municipality.
Lord says a four percent tax hike would be needed, to make up the shortfall.
The plant will close October 31, putting 300 employees out of work.
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I would not give up so easily on the potential tax revenues from the valuable properties owned by the glass plant.
Let me elaborate.
The assessment of the property will be done by BC Assessment. We can't control what assessment will be. When I get further information on that I will reveal it here. In the meantime consider this.
The North Okanagan is woefully short of heavy industrial land. These properties (I believe there are three lots) are classified industrial. Closing the plant is not going to change that zoning. It is Council that controls zoning and as long as there is demand for industrial land that zoning should remain. The owner is moving out but the land and buildings will stay.
If you moved out of your home and it would remain empty for a period of time would that reduce your taxes? I would hardly think so. So why would the fact that the owners of the glass plant should pay no taxes on their high valued property just because they left the premises?
The next Council should do everything in its power to maintain the value of this property and maintain the zoning. It would benefit the owners as well when they wish to market their property for maximum revenue.
I don't think we should have a requiem for Coldstream yet. Let's stay positive and hope that the next Council will think outside the box and revitalize that valuable piece of property.
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