Transcript Quarters FMI.ppt

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
134 Ave
66 St.
Need Belvedere map
Goals
1. Attracting investment
2. Attracting new residents
and families
3. Creating vibrant, energized
people places
Building a Great City
• Employment / local economy
• Vibrancy, entertainment, networking
• Lifestyle, culture, art, design
• Affordability
• Sustainable infrastructure costs
• Mobility options - walkability, cycling and
transit
Quarters Plan Area
East Side of Downtown Edmonton
Urban Renewal - CRL Financing
A Phased Approach
Phase 1
Estimated Costs $56m
Phase 2
Estimated Costs $110m
LRT Expansion
CRL Boundary
Aerial Imagery Looking East
Urban Renewal - Boyle Renaissance
Phase II
Phase I
Boyle Renaissance Phase I
Boyle Street Plaza
Melcor YMCA Village
Boyle Renaissance – Phase 2
Phase 2 – Under Construction
Questions?