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Originally Posted by The mayor
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I was much more excited by the announcement until I read the details:
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According to the city, the proposed partnership is projected to bring in $170 million over 25 years, including $20 million in an up-front capital contribution.
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Only leaves us about $480 million short for the capital required to build it. Sounds like OVG360 is more of a concession / arena management company that takes a big chunk of the profits from events:
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In a move meant to create an incentive to attract larger events, OVG gets an increasing share of profits based on event size and profitability. The city would retain 90 per cent of profits on events generating $2 million or less, to OVG’s 10 per cent. The city’s share comes down to 80 per cent of profits in the $2 million to $3 million range, then 70 per cent of profits between $3 million and $4 million. The city would then get 60 per cent on any event generating profit over $4 million.
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That's from this story in the Star Phoenix:
https://thestarphoenix.com/news/loca...al-with-ovg360
While I view this as a positive step, it's still not the major capital investment that we need to get this project going.