community revitalization levy
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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 - PowerPoint PPT PresentationTRANSCRIPT
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?