Raise the Hammer

Here is the latest city staff report on the velodrome released ahead of the Special GIC meeting on September 13, 2011: http://www.hamilton.ca/NR/rdonlyres/3525...

1. Capital Funding For the Velodrome

The RFP will be released to the three construction bid teams on September 15, 2011 and will close in Feburary, 2012 with the winning bidder to be announced in Spring, 2012.

Here is the breakdown of the estimated total cost of $39.5 Million to $49.5 Million for the Mohawk College velodrome: Construction cost $35 Million to $45 Million (Hamilton pays 44% or $15.4 Million to $19.8 Million) Site preparation $1.5 Million (Hamilton pays 100%) Parking $3 Million (Hamilton pays 100%)

Hamilton must therefore pay in the range of $19.9 Million to $24.3 Million toward the total cost of the velodrome.

To date:

-Hamilton has only officially committed $5 Million to the velodrome;

-Mohawk College has offered to contribute $2 Million to the velodrome;

-The capital funding shortfall is $13 Million to $17 Million

The following potential sources or contacts have been approached by the city for additional funding but no new funding commitments have been made to date:

-Senator David Braley;

-MP David Sweet;

-MP Dean Allison;

-MPP and Minister of Revenue Sophia Aggelonitis;

-Mohawk College;

-Private Sector Interests.

Unless Hamilton votes to take full responsibility for the Mohawk College velodrome capital funding shortfall for the velodrome before September 15, 2011, a location for the velodrome will not be noted in the RFP.

Toronto 2015 has offered Hamilton a four week extension to October 11, 2011 to find additional funding sources but the RFP will go to the bid teams without identifying a velodrome location.

2. Operational Funding For the Velodrome

A Pan Am Legacy Fund corporation will determine the portion of the fund interest to be paid annually to the velodrome after the Games have ended.

75% of Legacy Fund monies received by the velodrome will go to operational expenses and 25% will go to support high performance sport programs.

City staff is still recommending that Toronto 2015 guarantee an annual payment of $500,000 out of the Pan Am Legacy Fund toward the Hamilton velodrome as a condition to participating in the Pan Am velodrome project.

Comment edited by RenaissanceWatcher on 2011-09-09 22:49:08