Press Release: Councillor Davison Proposes Investment Incentives for Downtown Calgary

December 14, 2020

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.

-30-

Related News

Calgary's Economy

March 19, 2021

Press Release: Councillors Davison and Sutherland Advocate for Small Business COVID-19 Relief; Propose Waiving Licensing Fees to $0 for Two Years for All Businesses

Calgary's Economy

February 17, 2021

OCIF Publishes Q4 2020 Report

Council News

February 16, 2021

Press Release: Councillor Davison Advocates for Vaccination Prioritization of the City of Calgary’s Critical Infrastructure Workers

Council News

January 29, 2021

My Decision on Residential Speed Limit Reductions

Council News

January 22, 2021

I’m Jeff Davison, and I’m Seeking Re-election to be Your City of Calgary Councillor for Ward 6!

Press Release

February 16, 2021

Press Release: Councillor Davison Advocates for Vaccination Prioritization of the City of Calgary’s Critical Infrastructure Workers

Press Release

January 07, 2021

Press Release: Councillor Davison Proposes Solutions to City Snow and Ice Control (SNIC) Policy Following December Snowfall

Get Involved

Signup to be the first to get the latest news and updates from the campaign.