Comment 44334

By Tybalt (registered) | Posted July 29, 2010 at 13:47:22

adam2,

The Fund's goals are as follows:

*enhance the community’s economic prosperity *include potential for economic development *support tax competitiveness with neighbouring municipalities *support downtown redevelopment *support the development of key economic clusters *support job creation *enhance the community’s social fabric *enhance community life

For a stadium at West Harbour several of these are obviously met. The recreational opportunities provided by a stadium (which will be usable by community sports when not used for Ticats or other money-making opportunities) will enhance community life and its social fabric, as well as the brownfield remediation accomplishing those goals.

Clearly, downtown and the waterfront is a key economic cluster that will see benefits from the West Hamilton stadium project, not only during the Pan Am Games (bringing the Pan Ams to Hamilton will have longterm tourism spinoffs as well) but also by bringing the Ticats and other events near to downtown. This also has job creation spinoffs, not merely during construction (obvious) but afterwards as well as the prime waterfront land gains an anchor tenant and further economic stimulus. That area is primed for a revitalization.

This, also, enhances prosperity and the opportunity for economic development. This is especially important as the provincial government will be making parallel investments (such as transit investments) along with the stadium. A permanent GO Transit link at West Harbour, for instance, as promised in the Pan Am bid book, means increasing demand for residential property in the area. Not only does this have significant economic spinoff (not just short-term such as stadium and transit construction but longterm as residential and commercial buildings in the area are redeveloped), it also drives property values in the area (check out how much higher real estate prices are in the Golden Horseshoe when there is GO Train proximity - I commuted to Toronto for ten plus years and lived it!) and that supports tax competitiveness... by raising value, you can lower rates.

I think I hit all eight areas there. What do I win? :)

Comment edited by Tybalt on 2010-07-29 12:48:25

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