The City Council suspended interest on taxes owed to the city until Dec 31, 2020.
As of July 9, the city lost $555,000 in interest. The city plans to lose approximately $1.2 million in interest on outstanding accounts.
Tom Vair, acting chief administrative officer, said city staff “have been reaching out” to companies owing over $10,000.
There is around $2.8 million in the city’s tax stabilization reserve to make up for the budget deficit.