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Formosa says drawing new industry key to building city’s tax base

Powell River Mayor Dave Formosa says the rising cost of doing business far outweighs the city’s tax base growth.

“Industrial gives us anywhere from 10 to 14 times one house dollar to an industrial dollar, and our growth in commercial and industrial has been very, very weak,” Formosa told Vista Radio. “As a matter of fact, industrially, it’s gone backwards.”

Formosa says to address the problem, the city is trying to attract new industry and jobs.

He added that now is the time to bring in these new commercial properties because we need those tax dollars.

He says an influx of new residents and housing helps, but a household uses all those dollars in services, whereas commercial and industrial businesses don’t use as much of those services.

Reflecting on his time in office, Formosa says when he exits in a year-and-a-half, he will “write down my memoirs of prior achievements over the past 15 years that I’ve been here.”

However, he says he’s most proud of the fiber optics that we enjoy: “The agreement that we made with Telus. We were the dog on the bone and convinced them to come. So that fiber optics has been a huge boost to the community.”

He also touts development, present and future, that are shaping Powell River.

“What people used to call the joint venture,” Formosa said.

“With that we got Millennium Park upper and lower, we got our strategic land holdings… We’ve got the lands between Brooks school and the new resource centre site where they’re building all those lands on the right hand side. These are legacy properties that the city will be very, very happy that they own as we go through time.”

Formosa says once his political life is behind him, he plans on spending more time with his wife, while working with his four children who are actively running the family business.

He also plans to travel.

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