Implemented in 2012, the Cochrane CRL has had a significant impact on Garmin Canada’s ability to invest and grow in Cochrane.
“The Cochrane community revitalization levy has been an incredible success for Cochrane and Albertans alike. Investment in an underutilized site has led to the creation of 200 new jobs and a 2,638 per cent increase in taxable assessment growth. This $140 million in increased property values will go a long way to attract future investment and jobs into this vibrant and growing mid-sized city.”
Garmin Canada, whose headquarters opened in Cochrane in 2018, is an Alberta success story and a recognized leader in the fitness technology industry. The expansion of its engineering facilities will accommodate 200 new local science, technology, engineering and mathematics (STEM) jobs. Construction is expected to begin later this month.
The expansion is the result of a partnership between Cochrane and the province through the CRL program.
“Through our participation in the CRL program, Cochrane has successfully invested more than $10 million into our downtown core. As a result of this strategic investment, businesses like Garmin have chosen to call Cochrane home. Extending this program for an additional 10 years ensures Cochrane’s downtown core will continue to flourish and lays the groundwork for even more significant growth and the potential to bring several hundred additional future STEM jobs to Cochrane.”
“Garmin Canada is excited to expand our presence and long-term growth plans in the heart of Cochrane. What was once a brownfield site is now the location of a vibrant and growing economic engine for Cochrane, made possible through the combined efforts of the province, Town of Cochrane and Vantage Land Corporation. The extension to the Community Revitalization Levy is an important investment by the province to help fund the infrastructure that enables future jobs and economic growth.”
“I want to sincerely congratulate Garmin Canada on their announcement to expand their engineering facility. This is wonderful news for the town of Cochrane that will create 200 technology-based jobs. One of the things that makes announcements like this possible is the revitalization levy. It has had a tremendous impact here in Cochrane, to boost investment and job creation. I'm encouraged to see such great work being done in our community.”
CRLs benefit Alberta municipalities
CRLs have proven to be valuable planning and financial tools for Alberta municipalities. Through a CRL, a municipality can dedicate current and future property tax revenue to finance projects in specified zones, spurring development and revitalizing areas where redevelopment might not otherwise take place. At 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.
- The Cochrane CRL has been the most successful of Alberta’s CRLs in terms of assessment growth. The percentage increase in taxable assessment in the CRL areas as of 2022 follows:
- Cochrane – 2,638 per cent
- Calgary Rivers District – 282 per cent
- Edmonton Quarters – 54 per cent
- Edmonton Belvedere – 38 per cent
- Edmonton Capital City Downtown – not yet available
- There are six 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)
- Airdrie Downtown CRL (2022)
- Cochrane has significant plans for future infrastructure projects in the CRL area, which include the construction of a Canadian Pacific Railway pedestrian crossing, a library, a parking structure and an arts centre.