Raise the Hammer

Page 2 of the latest city staff report on the velodrome, noted below, breaks down the funding proposal if the velodrome is constructed at Mohawk College. The words in bold italics are not contained in the report but have been added by me to illustrate possible additional funding options if the stadium and velodrome are constructed in one location (i.e. the west harbour site):

iii) Fund 44% of construction costs and 100% of land acquisition costs and site development costs financed as follows:

1) $5 Million funded from Future Fund grant

2) $5 Million funded from debenture financing

3) $2 Million funded from Mohawk College

$2.4 Million in monies saved in not having to replace Brian Timmis Field if the
stadium and velodrome are constructed at the west harbour

With the balance (currently estimated at about $8 Million to $12.5 Million) to be financed by fund raising, naming rights, other levels of government, etc. plus

a) a 44% share of the monies saved through construction efficiencies (i.e. planning, logistics, supervision, cranes, equipment, workers) by building the stadium and velodrome at one location (i.e. the west harbour site) instead of building them 6.7 kilometres apart at Ivor Wynne Stadium and Mohawk College;

b) monies saved in not having to reimburse the Tiger-Cats for relocation/transition costs during stadium construction if the stadium is constructed at the west harbour site;

c) monies from the sale and redevelopment of the Ivor Wynne Stadium lands (estimated in the range of $4.5 Million to $7.5 Million by Deloitte in its ”City of Hamilton Pan Am Stadium Business Plan” submitted to council in February, 2010).

Unless there are several million dollars of current private funding commitments for the proposed Mohawk College velodrome announced at the GIC meeting on August 29, 2011, Hamilton city council needs to examine whether the west harbour is now a more feasible location than the Ivor Wynne Stadium/Mohawk College locations to build a completely new stadium and velodrome.

Comment edited by RenaissanceWatcher on 2011-08-27 20:02:18