Comment 58471

By RenaissanceWatcher (registered) | Posted January 27, 2011 at 22:13:34

The following is an attempt to sort out the various costs to be incurred by the City of Hamilton in the rebuild/renovation of Ivor Wynne Stadium based on the city staff report and their presentation today. Further information will be needed to determine the net cost to Hamilton.

Cost of 15,000 Pan Am stadium = $125 Million Hostco pays $70 Million and Hamilton must pay $55 Million rather than $45 Million (Province not allowed to pay this)

Cost of 15,000 seat Pan Am stadium plus Base CFL = $138 Million $138 Million (Pan Am plus Base CFL) less $125 Million (Pan Am only) = $13 Million (Hamilton pays 100% of the $13 Million difference)

Cost of North Stand renovation = $10 Million (Hamilton pays 100%)

Demolition of South Stand = Now $4 Million (Was $1.5 Million) (Hamilton pays 100%)

1,500 Parking Spaces = $????? (Finance Manager said details might not be known by Jan 31)

Side Note: Estimated construction cost of 6,000 parking spaces at East Mountain site was $22 Million thus rough guesstimate of $5.5 Million for construction of 1,500 parking spaces near Ivor Wynne Stadium excluding any land acquisition costs) Hamilton pays 100%

Relocation/Replacement of Brian Timmis Field = $2.4 Million Hamilton pays 100%


Estimated Total Payments by Hamilton

$55.0 M Pan Am stadium

$13.0 M Base CFL stadium

$10.0 M Renovate north stands

$ 4.0 M Demolish south stands

$ 5.5 M Construct 1,500 parking spaces (guesstimate only)

$ 2.4 M Replace Brian Timmis Field

$89.9 M Total

Less Estimated Capital Contributions To Hamilton’s Share of Cost

$ ??? M Allocation from Future Fund

$ 3.0 M Capital contribution by Bob Young

$ ??? M Additional savings identified or to be identified by city staff

$ ??? M Additional funding from Province of Ontario

$ ??? M Total Estimated Capital Contributions to Hamilton's Share of Cost

Estimated Net Payment by Hamilton $ ??? M

Comment edited by RenaissanceWatcher on 2011-01-27 22:26:53

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