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 St.

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 Phase 1 Estimated Costs $56m Phase 2 Estimated 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?