City Invests $56 Million in Phase 1 Quarters Downtown Revitalization
June 22, 2011
The Quarters Downtown has bright future with approved Community Revitalization Levy
Edmonton City Council has confirmed its commitment to the city’s downtown by approving The Quarters Downtown Community Revitalization Levy (CRL) Bylaw and dedicating $56 million to improving infrastructure in the CRL area.
The City will use the CRL to fund this investment. The Lieutenant Governor in Council must now approve The Quarters Downtown Community Revitalization Levy Bylaw before it can come into force.
The CRL is not a new or additional tax on existing property owners in the area. A baseline for assessed property values within the CRL area will be set in the year the levy bylaw is approved by the Province. Any increase in assessed property values above the baseline will be collected and applied towards the payments for infrastructure investment in the CRL area as redevelopment occurs over the next 20 years.
The CRL area encompasses the entire Boyle Street neighbourhood and includes two areas of special planning – The Quarters Downtown and Boyle Renaissance where the public infrastructure investment will be focused. In Phase 1, the City of Edmonton will invest $56 million in infrastructure and public amenities. Future infrastructure and associated redevelopment could see additional investment of up to $110 million.
“The City is showing strong leadership by investing in its future,” says Gary Klassen, General Manager of the City’s Sustainable Development department. “The key factors for a vibrant downtown are coming together: Significant mixed use development, expanded LRT, wide-ranging professional and retail services and incredible cultural facilities.“
“The City is proving to investors, developers and communities that we firmly believe in the economic viability of this key urban core area. We are transforming our downtown to be home to great economic growth and we invite investors to join us,” says Walter Trocenko, Manager, Housing and Economic Sustainability with the City.
CRLs are a Government of Alberta financing mechanism designed to help municipalities revitalize areas without adding a significant tax burden to citizens. Edmonton City Council’s approval of the CRL will allow the City to put in public infrastructure, which is needed to attract private investment, redevelopment and revitalization of the area.
For more information:
Mary Ann Debrinski
|Title||Director, Housing and Economic Sustainability|