Municipal Impacts
The assessment of municipal tax impacts is defined based on:
« Construction costs and first round purchase prices,
« Project expectations and assumptions concerning increases in property market values (once built and over time),
« The phasing of the development, and
« Prevailing residential and commercial mil rates for Charlottetown.
Accordingly, the property tax impacts are expressed as accruing to the City. Once built, the completed development could contribute as much as $$2.5 million to the Municipality through commercial and residential property tax revenues. Within this model, the fully completed development will provide an additional tax base of approximately $220 million, not including land values.