While slanted, I had no idea this is what CRL actually is:
https://en.wikipedia.org/wiki/File:TIF_graph.pdf
Property owners in the west village do not pay any "extra" tax - it's just that the extra tax that they pay on top of whatever day the CRL starts goes back to the City/Partnership (the red triangle in the picture) until it hits 240M.
Assuming the City is the one fronting the 240M for CRL, that means that again it'll be the City that is basically borrowing from itself to pay itself.
As that graph shows, though perhaps not that dramatically, any increase in actual infrastructure spending due to the CRL area must be paid for from other revenues.
Here's a quote from the CRL bylaw
Quote:
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19. Shortfall Funding If a situation were to arise where insufficient revenues were generated from the Community Revitalization Levy, general tax revenues would be a backstop to fund any borrowing costs that remain.
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Also, the City is probably fronting the 250M for ticket tax as well - and of course collecting it over a long period of time. That's the structure of the edmonton deal.
Basically, the City fronts 200M for the fieldhouse, and 490M in additional loans given to the developer for free.