Quote:
Originally Posted by Erick Estrada
If a large scale project like CalgaryNEXT can't kickstart the cleanup it's likely not going to happen in some of our lifetimes. Does anyone foresee a condo project kickstarting it?
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The problem is the Arena/Stadium itself generates no taxes, The CRL (which is the net tax increase for the remaining land) is being used to finance the construction.
So essentially the city pays for the clean up and associated infrastructure and gets nothing out of it tax wise.
Or alternatively,
You use the CRL to fund the clean up and infrastructure for the entire area and the city gets development funded of the increase in taxes.
The purpose of the CRL is to use future revenue increases to pay for the infrastructure required for the development. In the CalgaryNext case the CRL is being proposed to pay for the arena while the city picks up the tab for the infrastructure.
So yes Condo's when the area is prime for development post east village will pay for the clean up. CalgaryNext explicitly DOESNT pay for the clean up.