If the bid of the proposed Community Gaming Center to move in at 7th and Quebec is approved, it will benefit greatly from the considerable tax saving in the following years after its completion.
George Paul, the City Manager said that the proposed Community Gaming Center is eligible for the tax exemption, citing the Downtown Revitalization Tax Exemption by-law that has been approved by the City Council last November.
The tax exemption covers developers and owners who have plans on building in the area or any improvements that can benefit the city by at least $50,000 in the downtown area of Quebec. The tax exemption will be given on the date the project is completed.
City Manager George Paul said that the Tax exemption would not be based on the corresponding value of the improvements but it will be based on the change in assessments from one year to the next year.
The Community Gaming Center, described as a mix between a casino and a bingo hall would be the new location of Good Time Bingo. It will be able to hold up to 760 bingo seats and 100 slot machines and would generate an additional 60-70 jobs in the local area. Six residential townhouses are also found on the site of the planned Community Gaming Center and will be available for rental.
The proposed Bingo Gaming Center would cost around $12 million-$15 million dollars when completed. Thi sis cheap in comaprison to another planned project in the downtown area, Metropolis, which will cost around $18 million dollars and can get tax exemptions of more than $2 million dollars over the span of 11 years if it is completed by September 2007.
Thursday, August 31, 2006