The province has given Cochrane the thumbs up to proceed with its Community Revitalization Levy (CRL) bylaw, an effort Mayor Truper McBride said will be the largest economic development project the town has ever seen.
“The CRL represents a significant achievement for Cochrane,” said McBride. “With the strong support of our provincial cabinet, this program will allow Cochrane to invest strongly in our downtown and local business.”
The CRL is a one-time opportunity for the town to redirect the education portion of collected property taxes to enhance a specific CRL area – that area being the Quarry site and parcels of land to the northwest, encompassing 25.3 hectares. These funds would otherwise be seized by the province in the form of an education tax, but if utilized properly would instead be targeted to support the cleanup and redevelopment of ‘brownfield sites.’
“It will expedite projects like the Arts and Culture Centre and help us build a walkable core to our community that seamlessly connects the north and south downtowns through a new pedestrian bridge,” explained McBride.
Town council had previously approved the CRL bylaw, which retains $13 million for capital projects, during their Nov. 29 meeting.
With the province having now supported the bylaw, work on several targeted projects, such as public space improvements like the extension of Grande Blvd. and landscaping and sidewalk development along sections of Railway St. and Charlesworth Ave., can commence.
The estimated expenditure for public space improvements is $3 million.
A CP Rail pedestrian crossing ($4 million), a contribution to the future Arts Centre ($3 million) and a shared parking facility ($3 million) make up the remainder of the total CRL funds.
The appraisal value of the entire CRL area is presently just shy of $6.5 million.
Town administration made a conservative estimate that upon completion of the CRL revitalization the area could see an assessment value of $123 million.
“Strong and vibrant downtowns are inviting and attractive to pedestrians and cyclists,” said McBride. “This CRL agreement with the provincial government will deliver this for Cochrane as part of the single largest economic development project ever undertaken in this community.”
Calgary and Edmonton are the lone additional municipalities in Alberta that have taken advantage of the CRL program.
