Quote:
Originally Posted by Zarley
I'd like to see a discounted cash flow comparing projected property tax receipts in the area upon redevelopment (less costs borne by the City) against the status quo.
Then we can see whether this make sense to the taxpayer.
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I'd like to see that too. Unfortunately, there are so many ways to doctor those numbers that we're very unlikely ever to see an honest accounting.
If you're in favour of the development (and also a liar), you can discount the cost of city services to the new development and pretend that more of the new tax receipts can go to amortize the project cost than is actually the case.
If you're against the development (and also a liar), you can pretend that the cost of upgrades to Bow Trail and rebuilding the Bow-Crow nightmare should all be charged specifically against the cost of this development, rather than being a separate infrastructure issue that the city would have to pay for in any case.
If I were a forensic accountant, I might have the expertise to go at the raw numbers and figure out what the true costs and benefits of the project are… but if I were a forensic accountant, nobody involved – pro or anti – would be stupid enough to let me see the raw numbers in the first place.
Nobody has asked me, but here's my general opinion so far: The project looks like a good idea. Ken King has a definite point about lower cost if the various facilities are combined. Remediation and road upgrades are going to have to be done in any case and should not be included in the cost of the project. The ‘ticket tax’ is kosher and does not amount to public funding (unless the city subsidizes the interest payments, which I would oppose).
The CRL money raises some yellow flags for me, and I really would like to see CSEC pay a bigger chunk than $200m. At present, the Flames need a new building a lot more than the City of Calgary does, and the city should use that leverage to get the best possible deal on the project. But the project itself, on its merits, likely does deserve to go through.
No doubt both sides will attack me as an idiot for saying all this.