Whereas Section 9 of the Depreciation of Industrial and Electrical Power Generating Facility Improvements Regulation the Regulation significantly reduces municipal property tax revenues at a time when communities are already experiencing substantial job losses, and further impedes the ability of municipalities to build reserves for the reclamation of abandoned industrial sites that lack regulatory requirements for dedicated reclamation funds; And whereas the Regulation can create incentives for industrial proponents to shut down operations earlier resulting in premature job losses and reduced government revenues; the Regulation limits opportunities for new investors to acquire and redevelop industrial sites; the Regulation provides exclusive subsidies to the natural resource sector that hinder economic diversification; and the Regulation shifts financial risk from investors to municipalities while subsidizing failing or failed enterprises: Therefore be it resolved that UBCM urge the provincial government, through the Ministry of Finance, to repeal and replace Section 9 of the Depreciation of Industrial and Electrical Power Generating Facility Improvements Regulation with provisions that support a clear and intentional strategy to provide more stable local economies, government revenues, revenues for reclamation of abandoned industrial sites, diversified economies, and sustainable economic growth.
