Quote:
Originally Posted by RM14
• 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• The Saddledome is obsolete after 32 years.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
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- True. They should pay. But good luck on the Flames for trying to further that process along. But, if the Flames want the land so bad....
- It probably isn't as high of a priority as many other issues the city faces.
- I believe she means future revenue once the area is redeveloped, which has been planned. The city gains zero revenue from this project and it takes away a large part of the land. The area is close to DT and will see a boom once its developed (after EV)... it doesn't need a stadium to develop. Its been discussed that the city owning the building is a big liability and a depreciating asset. Also, the city loses its ability to deal with that land for atleast 30 years.
- CMLC cannot predict the amount of development and tax dollars that flow from proposed development - also this is public funding.
- What leads you to believe this building will last 50 years? few stadiums do.
- It is not the Flames job to consider the Stampede. but it certainly is the city's.