Comment 69355

By RenaissanceWatcher (registered) | Posted September 10, 2011 at 10:07:41

Based on the latest city staff report for the Special GIC meeting on September 13, 2011, it would seem prudent for city council to first vote on the staff recommendation to make its financial participation in the velodrome conditional on Toronto 2015 guaranteeing an annual payment of $500,000 from the Pan Am Legacy Fund before it even addresses the capital funding gap issue.

If council votes in favour of the staff recommendation, the permanent Hamilton velodrome proposal is at an end because Toronto 2015 has stated that it cannot provide such a guarantee.

Only if council votes against the staff recommendation does it have to vote on spending or finding more money than the $5 Million it originally allocated for the temporary velodrome in 2009 to bridge the current capital funding gap for a permanent velodrome.

One question arises from the former scenario. If the velodrome proposal ends, will council then vote to leave the existing $5 Million velodrome commitment in the Future Fund or will the money be siphoned into the construction budget for the new Ivor Wynne Stadium?

Comment edited by RenaissanceWatcher on 2011-09-10 10:08:55

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