Quote:
Originally Posted by Jay Random
The Bow had already been approved for construction on its own merits before the CRL came up. It was ‘new development’, all right, but it was only part of the CRL because City Hall deliberately gerrymandered the boundaries to include that parcel of land. There would not have been remotely enough tax money in the CRL to pay all the costs if the Bow had not been included.
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Which is why they included The Bow, and weren't sneaky about it, and consistently mention it whenever somebody (i.e Ken King) use a CRL as a funding model.
It delayed the Bow's tax dollars from reaching the city's general revenue (and the province) as a bet that the capital projects funded with it will return a greater amount in the future than if the money hadn't been diverted, without taking away from the city's existing operating budget. They're on track to achieve that, making it a net benefit to the city in the long run from a pure financial perspective without taking into account the benefits of turning a blighted, undeveloped area and turning it into a good one.
None of this has been hidden away or avoided, it constantly gets brought up. So what are you continuously going on about? CMLC still has a budget to work with to facilitate development, and they're doing great with it.