City staff have published their Pan Am Stadium update [PDF link] for tomorrow's Committee of the Whole meeting, and the recommendation to Council is to present the CP Rail Yard to HostCo as Hamilton's stadium location, despite the fact that much of the cost to build it remains unfunded.
The update recommends that the City formally ask the Provincial and Federal governments to provide additional funds to upgrade the stadium from 15,000 seats to 25,000 seats to accommodate the Hamilton Tiger-Cats as a permanent tenant.
Staff are also asking for approval to negotiate with property owners, finalize arrangements with the Ticats, and ask the Ministry of Transportation to review the traffic impacts and consider adding lane capacity in and out of the stadium.
Staff would report back on the response from the higher levels of government by September 30, and on the whole proposal by October 12.
The Ticats have expressed interest in buying part of the CP Rail Yards property "for development purposes" but not toward either the stadium or any related parking areas.
The team is willing to operate the stadium on an ongoing basis in return for "a yearly stipend to cover additional administrative costs". They also propose "that any stadium naming rights and ticket surcharge revenues be utilized to offset stadium operation costs."
CP is willing to sell the land, but the price must include the cost of relocating existing tenants, which CP estimates will be "significant". Staff have hired an independent appraiser to assess the current value of the lands.
A letter from HostCo CEO Ian Troop is included as an appendix. Troop specifies the following requirements of the City:
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