Quote:
Originally Posted by Simanium
No, it's money that would never have existed but for the development of the land and CalgaryNext is the catalyst for that development. Arena or not, just like East Village, there is no way it's getting developed without a CRL. It's a 20 year investment for a reduction in taxes thereafter for eternity.
|
Except the big difference is there wasn't much in the east village and whatever is built is worth a lot more so there was expected to be significant incremental assessment as soon as any development occurred. In the case of west village the existing businesses are paying taxes while the CalgaryNext is proposed to be City owned and exempt. So it will be starting with a negative incremental assessment until spinoff development occurs. I'm pretty sure it will take more than 20 years for the CRL to generate $250M.