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By Ray Fullerton (anonymous) | Posted August 26, 2011 at 17:33:46
FINANCIAL RISK!! It will be an interesting debate at GIC on August 29, 2010.
In order for the project to proceed, Council would have to increase its funding commitment by a minimum $5 million (bringing the total to $10 million) and accept the risks associated with funding the remaining shortfall of about $8 million to $12.5 million should these monies not materialize in full and/or if project capital costs gravitate to the higher end of current estimates.
Finally, there is a projected operating deficit of $343,000 to $724,000 per year before any assistance is received from the Pan Am Legacy Fund. Accordingly, it is appropriate that the Velodrome receive at least $500,000 in annual payments from the Legacy Fund.
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