Councillor Davison Proposes Investment Incentives for Downtown Calgary

Calgary, AB – To recognize severe economic pressures affecting the City’s downtown and to spur further private sector investment, Councillor Davison has submitted a Notice of Motion asking City Administration to explore the potential creation of regulatory and financial investment incentives for new high-density residential complexes, and conversion of office space to residential.

“This Notice of Motion seeks a bold solution to how Calgary will compete differently to attract investment. Encouraging an active and vibrant population base in the downtown is critical for the success of long-term City infrastructure investments, for preserving property values, and for providing the City with a more stable stream of tax revenue,” says Davison.

Calgary’s economic downturn has resulted in one of the highest unemployment rates amongst Canadian cities. The downturn has impacted downtown vacancy rates, which has resulted in a decline in assessed property values of downtown office buildings – affecting the City’s bottom lines and its ability to deliver services to Calgarians.

City Council has long recognized the downtown core as a key economic driver and employment centre. In recent years, City Council has acted by placing investment and direction through its creation and expansion of the Community Revitalization Levy (CRL), investment in the BMO Centre Expansion, new Event Centre, Arts Commons Revitalization, Central Public Library, Contemporary Calgary, Eau Claire Public Realm and East Village and the alignment of the Green Line LRT which will intersect the Red Line, Blue Line and Max Purple and Yellow Lines.

“Encouraging private industry to invest now in residential projects in the downtown preserves the overall health of our City. Calgary must remain diligent, our downtown situation will take years to fix, but we must act now if we are to achieve a successful recovery,” says Davison.

The Notice of Motion is set to be reviewed at the December 14 Meeting of Council.

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