Council Approves Next Steps on Lansdowne 2.0
Last week, city council approved the business and financial plan, and $332.6M in debt authority regarding the re-development of Lansdowne Park. This comes less than ten years after the last multi-million-dollar re-development of Lansdowne was completed. Unfortunately, it was approved without public consultation, despite explicit direction from council in July 2021.
In an attempt to make the proposed Lansdowne 2.0 "revenue neutral", staff are recommending that council approve use property tax uplift to help pay for the development. You might be wondering what property tax uplift is, what it means for city tax revenue and how it differs from tax incremental financing.
Community member Alexandra Gruca-Macaulay has provided a brief explainer on property tax uplift and its affect on our ability to pay for city services in the future: