[Cappy]

Druh Farrell speaks:

http://www.calgary.ca/councillors/wa...good-idea.aspx

• Who pays for the contamination cleanup? The cleanup of creosote contaminated land in the West Village is not included in the sticker price. The City does not have the funding for the cleanup.
• While a public multi-sport fieldhouse is high on the City’s list of priorities, it is currently unfunded.
• CalgaryNEXT would require a large investment in transportation and utilities infrastructure, in addition to the $900 million price-tag, investments that have yet to be investigated and are currently unfunded.
• Coupled with the contamination clean-up, the final price tag could exceed $1.5 billion.
• Value of land was not included in the $900 million estimate. The City would forego future tax revenues and money from the sale of the land.
• A Community Revitalization Levy (CRL) is basically a loan on future tax revenue, generated within a fixed boundary. Can the West Village generate sufficient CRL tax dollars required to fund the redevelopment of West Village plus an arena?
• Community Revitalization Levies can be high-risk ventures. To mitigate risk, a CRL needs a stable financial anchor. For example, the Bow Tower, the financial anchor for East Village (Rivers District), generates $22 million in property taxes per year. When the CRL expires, the taxes will go to general revenue. Currently the Saddledome does not pay property taxes. Where will the tax revenue come from to pay for the CRL?
• The Saddledome is obsolete after 32 years. Will the life of the “mortgage” for the arena - the CRL - exceed the life of the arena?
• The futures of the Saddledome and McMahon Stadium remain unclear. The vitality of the Calgary Stampede, a cultural jewel in the City, has also not been fully considered.