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.
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For sake of argument...this is assuming it's not taking away market demand (at least in part) from neighbouring urban communities like Beltline, Downtown West where each project contributes to the general tax base now and into the future. Say there is demand for roughly 2000 residential units a year in the central part of the city. If 500 a year goes to West Village would it mean 500 more net residential units in the core for a total of 2500? Or would it mean 1500 would go in other areas and 500 would go in West Village? Would there be some that would live in WV but not in other downtown neighbourhoods? Maybe, but it might be closer to zero sum, meaning it's spreading market demand over a larger land base not necessary creating more tax (deferred) tax base.
The way to avoid this would be to bring on WV when other downtown neighbourhoods are close to built out, therefore creating more urban land supply when absolutely required and creating tax base that couldn't otherwise exist.