Comment 69002

By Biloxi (anonymous) | Posted September 02, 2011 at 19:36:11

Mr. My StoneyCreek, please read this magazine's editor's interview with Mr. Troop. Let me quote it for you,

"On the operating side, the City report to councillors on the velodrome states that a capital commitment from the City would be conditional on an annual $500,000 operating fund from the Pan Am Legacy Fund.

Asked about this, Troop said, "I understand the motivation from staff, but that's not practical." As one of the Pan Am legacy facilities, the velodrome would receive its "fair share" of annual interest on the $70 million Pan Am Legacy Fund, but there is no way to guarantee how much that would be.

The Fund will be managed by an independent board of trustees who will allocate the interest on the $70 million fund to the Pan Am legacy facilities, including the velodrome, the York University stadium and Ivor Wynne stadium.

Troop added, "Interest rates change from year to year. There's a big difference between 2% of $70 million and 3% of $70 million. None of us can make a guaranteed statement around a number."

Maybe that doesn't sound like 'nixing' to you, but it sure does to me.

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