Comment 53014

By H+H (registered) - website | Posted December 13, 2010 at 11:01:26


I won't mention sources, but I will say that nobrainer has it exactly right.

There are NO, as in zero, private sector investors who have come forward. The costs for acquisition, not to mention relocation of an active business with specific/unique requirements including direct rail access to the facility, are still being negotiated. I'm led to believe that the numbers already mentioned ($55 million) are merely the beginning and that they are moving up quickly.

The Feds have said no to more money than that already allocated.

The Ti-Cats are in for $8-10 million over 10 years (they should live that long).

That leaves only two remaining investors. The Province and the City of Hamilton.

Budget deliberations begin today at the municipal level. Mayor Bratina wants to keep property tax increases at zero, or as close to zero as possible. Even if the Province steps forward with another $25-40 million, it's still not nearly enough. And even if they do pony up $25-40 million, what do you think the implications will be for any other "gifts" from the Province in the short term? The question Council and senior bureaucrats are wrestling with is, "Do we risk using up a lot of financial favours from the Province to keep the Ti-Cats in business?"

No matter how you feel about the Ti-Cats, that is, in my opinion, a very fair question to ask.

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