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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

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Community Revitalization Levy

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  1. Revitalization of Edmonton’s Downtown Financial Management Institute Alberta ChapterMarch 14, 2013

  2. 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

  3. 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

  4. Edmonton CRLs The Quarters Downtown (approved by the province in 2011) Belvedere (approved by the province in 2012) Capital City Downtown – in progress

  5. The Quarters Downtown CRL Boundary

  6. 134 Ave Need Belvedere map 66 St.

  7. Goals • Attracting investment • Attracting new residents and families • Creating vibrant, energized people places

  8. Building a Great City • Employment / local economy • Vibrancy, entertainment, networking • Lifestyle, culture, art, design • Affordability • Sustainable infrastructure costs • Mobility options - walkability, cycling and • transit

  9. Quarters Plan Area East Side of Downtown Edmonton

  10. A Phased Approach Urban Renewal - CRL Financing Phase 1Estimated Costs $56m Phase 2Estimated Costs $110m

  11. Urban Renewal - Boyle Renaissance Aerial Imagery Looking East Phase II Phase I

  12. Boyle Renaissance Phase I Boyle Street Plaza Melcor YMCA Village

  13. Boyle Renaissance – Phase 2 Phase 2 – Under Construction

  14. Questions?

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