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Originally Posted by Realtor 1
the 240 million revitalization levy is only going to be hitting those who choose to live/own businesses in close proximity to all the project offers.
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Provided it can actually recoup the $240M. Who's holding onto the loan for this money while that happens? Who's responsible for covering the gap if (when) it can't? The majority of the land area that the CRL will be taking up is by the two most valuable buildings on it that wouldn't be paying into it.
The CRL for the East Village is primarily funded by The Bow. The $30M/year or so of property tax it pays is going to recoup the CMLC's costs in remediating land, improving infrastructure and everything else that made development in the area desirable that needed to be paid for. What the Flames are proposing is akin to the CMLC using the CRL for East Village to fund construction of The Bow, rather than use The Bow to fund development of the East Village.
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250 mill ticket tax is only for those who want to enjoy the product
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So the Flames are covering this cost while the ticket tax repays the loan? Good to know.
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Now take into account whatever comes from being a tourist exporter to tourist importer and it makes even more sense. (his words after speaking of at least 7 high profile concerts lost last year due to the saddledomes roof load allowance)
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What was the predicted 'tourist gap' of the city for those 7 concerts? Enough to justify the city taking the risk on hundreds of millions of dollars? Doubtful.