Comment 43104

By H+H (registered) - website | Posted July 11, 2010 at 09:35:35

Excellent summary Nicholas! I agree with Meredith, we all need to write our own versions of the same letter to Councillors and, in my opinion, our MPP's. They need to be forced to "wear" this madness created in large part by the remarkably inappropriate addition of the ORC site by Michael Fenn.

One point of expansion/clarification Bob Young has offered up to $15 million for the stadium AND precinct. That means he could invest half or more of that amount building "Ti-CatWorld SportsPlex" in or near the stadium. In fact, I'd bet on it. He'll already have nailed down ALL of the parking revenues with his $3 million annual management contract. Not to mention ALL of the concert revenues.

Somehow our naive Councillors think using public money to build a $120+ million dollar facility (not to mention the cost of new on and off ramps, etc.) and renting it for $3 million a year, with no financial upside, is a good business deal. That's a 10-year fixed rate of return of 2.5%. At the end of 10 years, who do you think will have to pay for upgrades/repairs, which will undoubtably be necessary? No wonder this city, which I love dearly, is in trouble.

gcrawford

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