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The Community Revitalization Levy (CRL) will let Airdrie use future property tax revenue to pay for crucial public infrastructure. As the city uses these CRL funds to prepare land for building and creating community spaces, Airdrie will see more private investment that will help grow its tax base and offset residential taxes.
While the CRL program is not new, it was updated to help increase transparency and accountability, and reopened for applications in the summer of 2022. CRLs help municipalities by providing them with a useful planning and financial tool to help develop and revitalize areas where redevelopment might not otherwise take place.
“This levy empowers Airdrie to improve its downtown core, which will attract investment, boost economic growth and create jobs. New development will strengthen Airdrie’s tax base and help revitalize this area of the community, which will benefit the city in the long term.”
“We appreciate the support of the province to help us fund revitalization projects associated with Airdrie’s Downtown Plan over the next 20 years. This is an innovative funding mechanism that helps our community reach our vision for the downtown without putting additional pressure on taxpayers.”
Airdrie has grown rapidly in the last decade and is one of Alberta’s fastest-growing cities. This CRL approval will help spur new downtown developments, which means more jobs for Albertans living in the area, along with increased property tax revenues to support the extra demand on municipal services and the K-12 education system.
“Our city is growing, and it’s exciting to see new development happening around us. This CRL will ensure that the infrastructure needed to support our increasing population won’t cost every day Albertans. I’m looking forward to seeing Airdrie prosper and thrive in the coming years as a result.”
“The Airdrie Chamber of Commerce is thrilled that the province of Alberta has created a program to invest in the redevelopment and future growth of Airdrie’s downtown core. The revitalization of our downtown has been a priority of our city for years, and the Community Revitalization Levy will help our business community prosper and grow without adding additional tax burdens. This investment into Airdrie will not only boost our local economy with new jobs, but it will also add business investment into the heart of our growing city.”
CRLs benefit Alberta municipalities
Airdrie will join three other Alberta municipalities where CRLs have already proven to be positive additions. As of the end of 2022, more than $415 million in total CRL revenues have been raised and invested in area redevelopment from the first four CRLs created in the province.
- Currently there are five CRLs in place in Alberta:
- Calgary Rivers District CRL (2006)
- Edmonton Quarters Downtown CRL (2010)
- Edmonton Belvedere CRL (2010)
- Cochrane South-Central CRL (2012)
- Edmonton Capital City Downtown CRL (2013)
- The percentage increase in taxable assessment in the CRL areas as of 2022 follows:
- Calgary Rivers District – 282 per cent
- Edmonton Quarters – 54 per cent
- Edmonton Belvedere – 38 per cent
- Cochrane – 2,638 per cent
- Edmonton Capital City Downtown – not yet available
- Further information on how Airdrie plans to use the CRL is available on the city’s website.