[trtcttc]

In simple terms, property tax mill rates are adjusted around the annual city budget and current property values. It's bullshit when a development is presented as increasing property tax revenues by x millions of dollars.

But a property that was generating $0 in property tax and is now generating say $1M in property tax reduces the tax burden on everyone else and reduces other people's absolute tax expense. The argument for conversion is that a lot of the infrastructure is already there, like roads, water, electricity, gas, etc.

 

[maestro]

In theory, yes. The argument is about subsidizing demolitions as they do in the Rustbelt experiencing generational decline. Calgary is growing at a record pace. A project like this will go forth upping the value of the property and rebuilding the sidewalks to the standards outlined in the municipal sidewalk guild line without any subsidy. The city can afford it now. It's still excess waste money as the city may be in worst shape in the future.