Community Revitalization Levy
An innovative funding system – the first of its kind in Canada, in fact – the Community Revitalization Levy (CRL) was created specifically to ensure CMLC could fulfil the Rivers District project’s ambitious economic, social and environmental objectives.
Similar to the Tax Increment Financing (TIF) used widely in the United States, the CRL provides a means to segregate property tax revenue increases that result from redevelopment in the Rivers District into a fund for infrastructure improvements. The City of Calgary levies and collects the CRL through the property tax system and then allocates the funds to CMLC to implement the Rivers District Community Revitalization Plan.
Since 2007, CMLC has committed approximately $396 million to East Village infrastructure and development programs. This in turn has attracted nearly $3 billion of planned development (so far).
Infrastructure Investment: $357 million
CRL Anticipated: $755 million