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 $357 million to East Village infrastructure and development programs. This in turn has attracted $2.7 billion of planned development (so far) that’s expected to deliver $755 million of CRL revenues.
Infrastructure Investment: $357 million
CRL Anticipated: $755 million