Comment 57666

By RenaissanceWatcher (registered) | Posted January 23, 2011 at 23:38:12

With respect to the reported $60 Million cost of building a 5,000 seat stadium at the west harbour, it is important to note that this figure includes the $10 Million land acquisition costs which has already been spent plus an estimated $3 Million for remediation and $4 Million for demolition.

The current estimated construction cost for the stadium is $43 Million, of which Toronto 2015 would pay $24.1 Million (56%) and Hamilton would pay $18.9 Million (44%).

The original amount Hamilton had set aside for stadium construction was $45 Million. If the city only has to pay $18.9 Million, it leaves $26.1 Million in unallocated Pan Am construction monies. Some of those funds, perhaps $10 Million, can be reallocated to help build the permanent velodrome. If there are monies left over, they can either be left in the Future Fund or discussions can begin at some future date as to whether any of the monies should be applied to upgrade Ivor Wynne Stadium.

Comment edited by RenaissanceWatcher on 2011-01-23 23:50:27

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