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Edmonton Vaporware: The Arena District - MasterMaq.ca Blog
Though the video game industry probably comes to mind first when you hear the term vaporware, it is increasingly being used to describe announcements and predictions that never come to pass in other industries too. Like construction. The construction of, for instance, big "transformative" projects that will unfold over a number of years. Sound familiar? As you know, Edmonton's shiny new downtown arena is being funded in part through a Community Revitalization Levy (CRL). The idea is that "projects funded by the CRL spark new developments, and property values rise on existing developments." From the beginning, the arena was sold to Edmontonians as a catalyst for additional downtown development. It was clear that additional development would be part of the success of any deal. Here's what the Katz Group's Bob Black told the Journal in February 2010: "In order for citizens of the city to have a reasonable assurance that the community revitalization levy debt will be retired by the