Quote:
Originally Posted by Kavvy
Will it? You're assuming projects which wouldn't be developed if the stadium wasn't built will be built?
I don't think this is true in the short term based on comments I have read from Bunk in this thread, but maybe I am misinterpreting?
I thought the stadium will simply relocate proposed projects from other parts in the city to the stadium CRL district?
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I think there is a lot of confusion as to what a CRL is. Part of it is because it is not called a CRL anywhere other than Alberta. It is more commonly known as Tax Increment Financing and has been used for urban renewal projects all across North America. Basically the West Village will not be included in the overall tax base from which the city collects taxes and taxes earned in West Village will solely be used to repaying the $240 million over the 20 year CRL period. The rest of the city pays taxes and incurs a small increase to the mill rate as the current assessed value of the undeveloped property in West Village is low. After the CRL is repaid in 20 years, West Village then is included back into the tax base for the entire city and taxes will actually go down at this point, in perpetuity, as the mill rate for the city will be reduced and as West Village would have a much higher assessed value.