CALGARY – Jan Damery announced Friday a plan to invest $1.6 billion dollars in talent, skills, jobs and infrastructure, using a Community Revitalization Levy.
Damery proposes the creation of a district in Calgary - the Calgary Opportunity District - which would cover the Greater Downtown Core minus the East Village and Stampede.
The Calgary Opportunity District will leverage the collapsing value of downtown Calgary’s office towers to make a series of high-impact investments to create prosperity for all Calgarians. Investment in talent, skills, jobs and infrastructure will directly and indirectly increase real estate demand, redevelopment, and development in Calgary’s greater Downtown.
These investments will enable Calgary companies to grow at a more rapid pace, and entice global companies to set up shop in Calgary, raising demand for both office and non-residential property in the Opportunity District that will spur development and redevelopment.
Jan’s plan enables the City of Calgary to fund needed investments today without tax increases for businesses or residents.
The plan increases tax fairness for Calgarians by allocating $693 million of provincial property taxes to Calgary over 40 years to fund necessary investments in Calgary.
The details of our proposed investments will be announced over the coming weeks.
More info can be found here