Development in the Quarters is going better than the city expected, with the community revitalization levy (CRL) now set to pay back the city’s investment years before the original estimate.
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Tag Archives: levy
Province takes first step in arena levy approval process
EDMONTON – The city’s application for a community revitalization levy to help fund the downtown arena project has moved a step closer toward being accepted.
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Council could look to development levy for missing arena millions
EDMONTON – City council could look to the community revitalization levy to cover the missing $55 million needed for the proposed downtown arena project if the province doesn’t come through, some councillors say.
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Developer says Offsite Levy Bylaw unfairly skewed for City, calls for delay
One of the city’s largest developers is calling for a third-party audit of the proposed Offsite Levy Bylaw to determine if growth plans are unfairly benefitting City of Medicine Hat projects over those in the private sector.
Don Sandford, president of Lansdowne Equity Ventures, also says that bylaw needs to be delayed until such a study is done and council has a clear vision of how the bylaw in general will affect developers and lot prices.
Read more: http://tinyurl.com/cmp999y
Developers want City to wait on off-site levy decision
The City of Medicine Hat is ready to introduce a new system to recover the cost of building roads and extending utility lines to new communities, but developers and those in the industry are calling for more time before changes are voted on.
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Off-site levy proposal ready for public reaction
After 13 months of negotiations with land developers, the City of Medicine Hat is prepared to take its off-site levy proposal to the public.
Two public information sessions next week will outline proposed changes to the levies, which the city collects from developers to pay for new infrastructure like roads, sewers, utilities, connected to new subdivisions.
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City scales back area for downtown levy
City administrators have scaled back the boundaries for the downtown community revitalization levy, a key funding mechanism for the proposed downtown arena.
After consulting with provincial officials, the city removed several blocks centred around 101st Street and Jasper Avenue, an area already built up with office towers. The change scales back their high-end projections of what would be collected under the levy over its 20-year life from $1.6 billion to $1.1 billion.
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Province approves CRL bylaw
The province has given Cochrane the thumbs up to proceed with its Community Revitalization Levy (CRL) bylaw, an effort Mayor Truper McBride said will be the largest economic development project the town has ever seen.
“The CRL represents a significant achievement for Cochrane,” said McBride. “With the strong support of our provincial cabinet, this program will allow Cochrane to invest strongly in our downtown and local business.”
The CRL is a one-time opportunity for the town to redirect the education portion of collected property taxes to enhance a specific CRL area – that area being the Quarry site and parcels of land to the northwest, encompassing 25.3 hectares. These funds would otherwise be seized by the province in the form of an education tax, but if utilized properly would instead be targeted to support the cleanup and redevelopment of ‘brownfield sites.
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City approves controversial offsite levy bylaw
City council approved an offsite levy bylaw Dec. 17.
Developers will now pay an average of $73,854 per acre for levies and recreation contributions to help pay for necessary infrastructure, such as roads, water and sewer in new neighbourhoods.
That number is up by about 18 per cent, from an average of $62,000 per acre more than what the City previously charged developers.
Read more: http://tinyurl.com/cvw879x
Town OKs CRL bylaw; awaits provincial cash
Town council approved the Community Revitalization Levy (CRL) bylaw during a special meeting Nov. 29, paving the way for the municipality to retain $13 million from the province for capital projects in Cochrane’s downtown core.
The CRL is a one-time opportunity for the town to redirect the education portion of collected property taxes to enhance a specific CRL area. These funds would otherwise be seized by the province in the form of an education tax, but if utilized properly would instead be targeted to support the cleanup and redevelopment of ‘brownfield sites.’
Read more: http://tinyurl.com/cbz7pd7