Quote:
Originally Posted by Ramsayfarian
Love the design but Katz bent them over. The taxpayer will be paying for it for decades. I would have rather seen the money spent elsewhere.
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How so?
The bulk of the Edmonton's contribution will be paid for through a ticket tax on events in the new arena and through a CRL on the area around the new arena. This is a tax-base that didn't exist prior to the arena deal.
In fact, since the announcement of the new arena there has been 2.5b worth of new development slated for the area around the arena and more to come. This development is happening because of the new arena. It would not have occurred without it. We know this because the land the arena is built on was parking lots for decades and the development only chose to locate in the district after the arena was confirmed and knowing full well that they would have to pay extra through the CRL to be there. At the end of the day 'taxpayers' aren't paying for Edmonton's arena, rather users and specific taxpayers who by and large
chose to be there are the ones paying.
But could they have gotten a better deal? Doubtful. The fact that the arena deal in Edmonton took ~4 years of intense haggling back and forth, veiled threats of moving the team, councilors dead-set against any public money being involved along with massive public opposition basically undermines any argument that Edmonton could have gotten a significantly better deal.
At the end of the day, Edmonton faced a choice: Make the deal and reap the rewards of the revitalization of a huge dead zone in their core including millions in new tax revenue or walk away from it all. Edmonton chose wisely IMO.
Calgary, OTOH, is in a totally different situation that Edmonton. Sure a new arena and stadium are overdue but there's no real argument to be made that building them will spur a boom of development, at least one that wouldn't have happened anyway. Calgary is already booming. In fact, even giving land away to build these things will likely cost the city millions in lost revenue from other potential high value uses for that land. The primary -perhaps only- beneficiaries of any new stadium/arena in Calgary will be the Flames ownership. It will be very interesting to see what the 'ask' is from King.