community revitalization levy

Revitalization of Edmonton’s Downtown

Financial Management Institute Alberta Chapter

March 14, 2013

Community Revitalization Levy

• Provincial legislation—Municipal Government Act amended 2005

• Fixed life span of up to 20 years• Includes increases in both the

municipal and Provincial components of property tax over an established baseline assessment—the LIFT

• Projects are intended to stimulate development and investment that would not have happened otherwise

• CRL revenues are generated by these new developments

CRLs in Alberta• First approved CRL—Calgary Rivers District 2007 focused on

East Village• Boundary includes The Bow, a 50+ storey office tower• Calgary established a for–profit development company with a

Board of Directors (Calgary Municipal Land Corporation)• Phase One budget was approximately $138 million• The Rivers CRL is forecast to generate revenues as high as

$1.1 billion over 20 years

Edmonton CRLs• The Quarters Downtown (approved by the

province in 2011)• Belvedere (approved by the province in 2012)• Capital City Downtown – in progress

The Quarters Downtown CRL Boundary

Need Belvedere map

134 Ave

66 S

t.

1. Attracting investment

2. Attracting new residents and families

3. Creating vibrant, energized people places

Goals

• Employment / local economy

• Vibrancy, entertainment, networking

• Lifestyle, culture, art, design

• Affordability

• Sustainable infrastructure costs

• Mobility options - walkability, cycling and

transit

Building a Great City

East Side of Downtown Edmonton

Quarters Plan Area

A Phased Approach

Urban Renewal - CRL Financing

LRT Expansion

CRL Boundary

Phase 1Estimated Costs $56m

Phase 2Estimated Costs $110m

Aerial Imagery Looking East

Urban Renewal - Boyle Renaissance

Phase I

Phase II

Boyle Renaissance Phase I

Boyle Street Plaza Melcor YMCA Village

Phase 2 – Under Construction

Boyle Renaissance – Phase 2

Questions?