Raise the Hammer
Councillor Brad Clark notes on his blog that the $45 million in Future Fund money that Councillors and Staff keep citing is suspect:
[S]ome councillors and some staff continue to talk about a $45 million contribution. In my books, we already spent $10 million trying to satisfy the Cats. Moreover, the original plan showed the City spending $5 million from the sale of [Ivor Wynne Stadium] lands. So, we are short $15 million because of this new plan.
Citing the staff report that estimates a total Ivor Wynne renovation cost of $156.5 million to $174.5 million, Clark asks: "I thought the Ivor Wynne proposal was supposed to be cheaper?"
After the $115 million committed from the Future Fund and Toronto 2015, the plan is still unfunded by $36.5 million - $54.5 million.
By matthewsweet (registered) | Posted January 23, 2011 at 22:24:47
For that matter where did the money come from to purchase West Harbour lands in anticipation of the Pan Am stadium being there?
By Henry and Joe (anonymous) | Posted January 23, 2011 at 22:32:36
"where did the money come from to purchase West Harbour lands in anticipation of the Pan Am stadium being there?"
The city fronted the money. It needs to be paid back. Councillor Clark raised this point at the last meeting. It looks like we still don't have the question of that shortfall answered.
By mystoneycreek (registered) - website | Posted January 23, 2011 at 23:02:00
Q: "BTW it shouldn't be $45 million, it should be $35 million. Didn't the city spend $10 million already?"
A: "You are corrrect. But some councillors and some staff continue to talk about a $45 million contribution. In my books, we already spent $10 million trying to satisfy the Cats. Moreover, the original plan showed the City spending $5 million from the sale of IW lands. So, we are short $15 million because of this new plan."
By randomguy (anonymous) | Posted January 24, 2011 at 10:54:35
Well at least the city owns the West Harbour lands now. If they could get the land remediated to allow residential (expensive I know) and were willing to allow some density on it (with the NEN around maybe not) they could get some of the money back.
By Pxtl (registered) - website | Posted January 24, 2011 at 11:25:59
I'm a little confused how building half a stadium and a parking lot costs more than most new stadiums being built?
I mean, I'm the first to agree that the IW reno shouldn't be the $20mill maintenance operation they originally had in mind for it... but this?
By goin'downtown (registered) | Posted January 24, 2011 at 17:27:05
Council just voted against having plan B...WTH???
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