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Originally Posted by You Need a Thneed
A Community Revitalization Levy funded the East village, if that helps.
Essentially, the city would fund a loan to build infrastructure, and the loan would be paid back by the future property tax growth in the area surrounding.
For example, if the arena is built in the west village using CRL money, you would see hotels and condos, etc growing up around the new arena, which would mean that more property taxes would be earned in the area. The property tax increase in the area pays back the loan.
The structure is useful for areas that are tough to get to redevelop without public help - such and East Village was, and West Village will be.
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The trick is to gerrymander the boundaries of the CRL to include things that are expensive and likely to happen anyway.
For instance, the east village CRL includes the Bow, which isn't part of the east village in any real sense, and doesn't use those infrastructure upgrades. But it was getting built at the right time and will pay a lot of property tax, so it was included to make the numbers balance.
I'm not aware of any big projects on the west side of town that would provide a CRL the critical mass to be successful.