Arts and culture hubs like 401 Richmond in Toronto got some very good news today. The province announced its intention to create a new property tax category that will result in a huge tax reduction for buildings of this kind, thereby saving both the owners and tenants the agony of having to foot unrealistic bills.

After taking heat for its failure to prevent huge property tax spikes, the city is actively working to protect small businesses, heritage sites, and spaces like 401 Richmond that are a bit of both.

Councillor Joe Cressy and MPP Han Dong said the province and city will create a unique tax classification for spaces like 401 Richmond in the tax code so that they have a legitimate shot at long term viability in a city with land values as high as Toronto.

The Ontario government is prepared to develop a new tax class for heritage properties, including 401 Richmond! 💪

— Han Dong (@HanDongOntario) September 26, 2017

The site is a massive industrial complex-turned-arts centre that houses over 140 artists, shops, and galleries, and has become a valuable asset to Toronto's arts community.

Some actual good Toronto real estate news?! @401Richmond will stay! https://t.co/ykTITxtZo0 pic.twitter.com/3EGc8AiLRx

— Jillian Tamaki (@dirtbagg) September 26, 2017

Just a few months ago the fate of the hub was uncertain after the property taxes became unmanageable.

The increase in taxes witnessed a jump from from $520,280 in 2013 to $846,210.73 this year, which threatened the livelihood of the space.

The community rallied behind the heritage site and created an online petition in an attempt to save the space.

This year's Nuit Blanche theme of 'Resistance, Monuments and Protest' includes a printmaking event on September 30 called Save 401.

While the space is now effectively saved, people will still be able to make take-away posters, tote bags, and t-shirts featuring the slogan to serve as a reminder that we almost lost this gem.