Quote:
Originally Posted by suburbia
Great synopsis of the City's proposal:
Three way split of $555M - $185M each for City, owners and users. It is not a loan as some incorrectly suggested - the full amount contributed for construction/land that does not need repaying. Interestingly, the cost to the owners is LESS than they already had on the table for the West village debacle. Further, the City absorbs a heck of a lot of interest costs including bringing utilities, building an LRT station, extending 17th Avenue, etcetera. That's all on top of the full 1/3rd contribution. The Flames Owners get 100% of all revenues from the new arena, including for all their non-sporting events that actually make them more money than the Flames do. I'm flabbergasted that Ken King walked away from such a deal. They need to have at least that 1/3rd skin in the game. The citizens of the city are not going to go for any subsidy beyond that. It is more than fair as the mayor mentioned in the video.
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If the city is selling this like you are to us no wonder the Flames walked away. The LRT station, etc. have nothing to do with the new arena. I'm surprised you didn't claim that the city is spending $4.56++++ on the Green Line solely because of this project.
If the Flames don't have to pay the city's share back then there must be something else involved. At one point the Flames floated the idea of being given a veto on all development in the area. Do the owners have some grand unannounced plans to develop the area and profit from it? Maybe that is where the real money is for them. If they don't then it is puzzling why they wouldn't take the deal if it is as you stated it here.
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