A financial impact analysis of the Gardner Ranch project proposed in Springbank suggests the development may have a positive influence on the area and on Rocky View County (RVC) as a whole.
Developer Guy Buchanan is hoping that the “positive” results will help residents of Springbank and RVC see how the project may benefit the entire municipality.
According to RVC general manager Kent Robinson, the analysis used a fiscal impact model developed by the county in an effort to better understand the impact of larger-scale developments on the financial sustainability of the county.
“The county sees the analysis provided by the fiscal impact model as another evaluation tool to be used when assessing applications of this nature,” Robinson said. “This analysis has been conducted on other large-scale applications.”
With 40 per cent open space, Gardner Ranch will “maintain the look and feel” of established properties in the area along Highway 8, Buchanan said. Located on 1,500 acres north of the highway, all the way to the Elbow River, the project will accommodate 1,800 residential units, commercial space, health and wellness centres and an expansion of the TransCanada Trail system.
“I truly believe that because of all the regional amenities Gardner will provide, it will add value to the properties of adjacent residents,” Buchanan said. “It will have a positive impact on residences anywhere along Highway 8.”
According to the report, which was prepared by RVC’s financial consultant, Applications Management Consulting Ltd., upon completion in 2028, the development will generate an estimated $5 million in municipal property tax revenues for the county.
Buchanan added that the report stated the taxable assessment associated with the development is projected to total $1.96 billion, increasing the county’s assessment by 12.6 per cent by 2028, which Buchanan said is “significant.”
“Ultimately, the analysis provides a prediction of the effects the development would have on future tax rates,” Robinson said. “In this case, the prediction suggests a reduced rate, thus a positive effect on financial sustainability.”
The report states that a comparison of the projected 2028 municipal tax rates between RVC with Gardner and without shows the development would decrease the county’s municipal tax rates by five per cent.
“This model is a snapshot in time, so it is difficult to suggest that the future tax rates would actually be reduced,” Robinson said. “The model simply states that all things being equal, this is the potential impact.”
A public hearing for the land use application for the development is scheduled for 1:30 p.m., June 23 at the RVC municipal building at 911, 32 Ave., N.W., in Calgary.
Buchanan said he is hoping to see more support for the project as a result of this positive analysis.
“There is a faction in RVC that just does not want to see any development and have made it very clear that they want to keep the fields open for their view,” he said. “But there are still many existing residents that look at Gardner and see how it can enhance their lifestyle. We hope that more of those voices appear at the public hearing.”
