Quote:
Originally Posted by Cappy
|
• 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.
Provincial, Federal, City, needs to be done eventually
• While a public multi-sport fieldhouse is high on the City’s list of priorities, it is currently unfunded.
True but, why not? if it is such a high priority....
• 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.
Agreed, Crow Bow is a mess. They did Glenmore/Mcleod and Crowchild Bow should be a high priority anyways.
• Coupled with the contamination clean-up, the final price tag could exceed $1.5 billion.
Agreed
• 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.
How significant is the current tax revenues from 3 car dealerships and a bus depot? Won't condo's and office building's over time be much greater. And, the city would own the land.... in 50 years or so they will realized a massive source of revenue should they decide to sell it.
• 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?
CMLC should have a decent idea...
• 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?
From the future development! And saying the Bow is in east village is a crock. Very creative boundary they came up with to use the bow revenue's to call the east village a success.
• The Saddledome is obsolete after 32 years. Will the life of the “mortgage” for the arena - the CRL - exceed the life of the arena?
I just don't see the useful life of this arena being less than 50 years.. This is a stretch and the two are not comparable
• 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.
It is not the Flames job to ensure the vitality of the Stampede. And she is admitting that the Flames are indeed a benefit to the city of Calgary