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To spur business development in Surrey, Mayor Dianne Watts is creating new economic investment zones in the city that have lower development costs and municipal taxes. These development incentives will be for applications made in Surrey's city centre area around Surrey's Skytrain stations in Whalley, and the city's Bridgeview/South Westminster region located near the Pattullo Bridge. Among the incentives for development applications worth more than $10 million: - development cost charges (DCCs) will fall 33% in the economic investment zones - DCC payments will be deferred until later on in the construction phase of a project - Business permit fees will fall 50% Projects will also not have to pay municipal property taxes for the first three years of operation after construction completion. The city is also enticing high-density residential development in the city centre area by deferring DCC payments and reducing building permit fees by 50% for all projects worth more than $50 million. "These economic investment zones are a new and innovative approach to attracting investment and creating jobs, and they're a first in British Columbia," Watts said in her state-of-the-city presentation on Wednesday. Surrey is also streamlining the development process in the city, giving priority access to industrial and commercial projects, development an online status reporting system for development applications and enhancing the city's e-business process. "I want to make sure from a business perspective, Surrey is top-of-mind when business leaders are looking to invest in this region and plan for the future," Watts said. Surrey has become one of the fastest growing regions in the Lower Mainland, growing by about 10,000 people a year. The population has grown to more than 460,000 from 360,000 in 1998.
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