Article content

Coun. Gian-Carlo Carra calls it a crisis.

So does Coun. Druh Farrell.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Varcoe: Downtown office vacancies creating a 'crisis', but solutions elusive Back to video

Just in case Calgary businesses haven’t heard, the property tax shift coming in 2019 — caused by the eroding value of those shiny downtown office buildings — is a five-alarm financial fire.

The solutions, however, remain elusive, even after a lengthy meeting by a city committee Tuesday delving into the issue of the shifting tax burden onto businesses operating outside the core.

But the scale of the issue is now apparent to everyone.

“They are recognizing it is a crisis and they are recognizing something needs to be done,” said Zoe Addington of the Calgary Chamber of Commerce.

“It’s tough for people to watch when they see their bills going up. It’s putting businesses at risk and the answer coming back from the city is we don’t know what to do.”

In a series of charts in a detailed 69-page report, city administration paints a bleak picture of what’s happening with the value of downtown office buildings in the wake of the recession and oil price crash.