Building retrofits aren't a new concept for New Brunswick, but this is the first time the community can benefit from it.
82 WESTMORLAND STREET RETROFIT
Our first project is the retrofit of the 65,000 square foot office building at the corner of Westmorland and Queen Street in Fredericton. It houses Service New Brunswick, The Federal Court of Canada, The Maritime's Higher Education Commission, Interactive Computer Systems, and Naveco Power.
WE WANT TO LEAD BY EXAMPLE
The completion of this retrofit will make 82 Westmorland Street one of the most energy efficient buildings in Fredericton! It will be certified as a LEED Gold Existing Building: Operations & Maintenance, making it the FIRST of its kind in New Brunswick and SECOND in Atlantic Canada.
So why would you invest in a retrofit of a building you don’t even own? Good question. Someone else’s problem, right?
Answer: It’s an investment.
Through our investment tools, such as the Small Business Investor Tax Credit (SBITC,) you as an investor choose how much you want to invest, are eligible for a 50% tax credit on your investment, and depending on which share class you purchase, bi-annual dividends over a four-year period. You can also further mitigate your taxes through an RRSP.
Currently, the investment is only open to Accredited Investors in New Brunswick who meet one of the following criteria:
- Income: Net income before tax exceeds $200,000 OR net income before tax with that of a spouse exceeds $300,000.
- Financial Assets: Own financial assets worth more than $1 million before taxes, but net of related liabilities.
- Net assets of at least $5,000,000, including real estate.
TIME LINE & EFFECTS:
Length of Retrofit Process: Six Months
Energy Saved: 2,325 GJ (cutting energy consumption in half!)
CO2 Reduced: 175 tonnes (that's equivalent to almost 37 cars off the road!)
ENERGY EFFICIENT MEASURES:
Ventilation & Cooling
Heating & Hot Water Systems
Smart Building Management and Control Systems
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