Quote:
Originally Posted by Locke
Wait a second.
Didnt I read somewhere that the money the City was putting up was an allocation of these funds already? They were considered Provincial funds allotted to the City of Edmonton to do with as they saw fit and hence they were going to allocate it to the arena deal as the City's Municipal involvement.
Its Provincial money that the City gets to decide what to do with, I thought that was where the cash was coming from in the first place and hence doesnt address the missing funding.
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The money the city is putting up comes from the CRL (community revitalization levy) which is essentially a percentage of money from expected increases in property taxes and new property taxes as a result of the arena being built*.
That and a ticket tax which currently goes straight to the Oilers. It would instead go to the city.
* An even larger percentage of the CRL is going to downtown/Jasper Ave revitalization.