Comment 54771

By Ryan (registered) - website | Posted January 06, 2011 at 12:18:47

please discuss the issue of risk to the city with your scenarios

Here are the risks and benefits as I understand them:

Option 1: Scalable West Harbour stadium

Risks:

  • Toronto 2015 may reject the bid - unlikely as WH already extensively studied
  • Costs may be higher than projected - unlikely as costs will be lower due to smaller facility size
  • Facility may not be used - unlikely as IWS currently hosts 190 events a year
  • Poor fit with community - unlikely as a small community stadium, well designed, won't create the traffic and noise issues NEN worried about with a Ticat stadium
  • Smaller venue means smaller boost to local businesses - likely as events will have less city-wide draw

Benefits:

  • Smaller facility means better community fit
  • Synergy with Velodrome
  • Scalable design leaves open future expansion, e.g. for pro soccer
  • City economic risk much lower with smaller facility
  • No longer depends on unreliable, money-losing tenant for viability
  • Remediation opens adjacent properties for reinvestment and increasing tax assessment for City

Option 2: Let the bid lapse

Risks:

  • City loses all or most of $70 million in funding - certain
  • Lost synergy with Velodrome - certain
  • Remediation of Barton-Tiffany site delayed - likely
  • Revitalization of West Harbour slowed - likely
  • All day GO Train service delayed - possible

Benefits:

  • No need to assume additional public facility lifecycle costs
  • Future Fund preserved
  • City can lift restriction on private development around Barton-Tiffany

Comment edited by administrator Ryan on 2011-01-06 12:22:58

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