Quote:
Originally Posted by Delgar
The theory of the CRL which pays for most of this is as follows:
"The CRL is not intended to change the total amount of taxes collected in the area – the tax rates will be the same as for the rest of the City. The taxes will, as always, be based on the assessed market value of the property.
Again, the premise of a CRL is that a revitalization project will serve as an impetus for development to occur that would not otherwise happen, or would happen over a much longer period of time."
In other words, they intend to collect $279 million based on future projections of growth in property taxes based on expected new development. So nearly 1/2 the gross budget is based on hope, and they don't even have planning approval on any of that improved property which will generate these revenues.
I'd like to think this works, but I don't actually believe it is realistic. Either way, I think in the case of Edmonton they need to bite this bullet and make it happen. Katz has shown he isn't a philanthropist when it comes to the Oilers, he's here to make many hundreds of millions. I can't say I fault him, why the hell should he pay when the people will?
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D/T Edmonton has its spots, but as a whole it is pretty dead for such a big city. I hope this arena district fixes that. I just attended my first game at Rexall a couple of weeks ago and that joint is worse than the Dome. And I really hate the Dome.
Example, if you want to meet for dinner before an Oilers game and walk over that's pretty much impossible unless you want to take a guest to a dive. Here there are lots of choices.