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Originally Posted by Cappy
It has been established on here already that a CRL is still a public funding. so thats about 450 of 900... then add the lack of interest gained on the ticket tax loan. The remediation of land. the infrastructure changes. and any shortfalls. 2/3 is probably accurate.
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I'd say it's more an investment of public funds than a straight handout of public funds. Would anyone say that is inaccurate?
From the CMLC website.
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Similar to the Tax Increment Financing (TIF) used widely in the United States, the CRL provides a means to segregate property tax revenue increases that result from redevelopment in the Rivers District into a fund for infrastructure improvements. The City of Calgary levies and collects the CRL through the property tax system and then allocates the funds to CMLC to implement the Rivers District Community Revitalization Plan.
Since 2007, CMLC has committed approximately $357 million to East Village infrastructure and development programs. This in turn has attracted $2.4 billion of planned development (so far) that’s expected to deliver $725 million of CRL revenues.
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http://www.calgarymlc.ca/community-revitalization-levy/