The centerpiece of the proposed funding package for the CalgaryNEXT project is a $240 million Community Revitalization Levy, aimed at transforming the West Village from a bunch of under-used land beside the river into a full-fledged community.
Of course, nobody really knows much about Community Revitalization Levies other than they've been used in the East Village. So I did a bit of digging, and here's what I figured out.
THE CONCEPT
Here's the gist: a Community Revitalization Levy arbitrarily draws a box around an area. Everything within that area is subject to the levy. Via the Calgary Municipal Land Corporation, here's the basic concept:
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.