Quote:
Originally Posted by Djeffery
No property taxes would be paid on a new arena downtown either and more city money would presumably go in to that as well. I don't think it's true though that there wouldn't be any taxes paid. CF would retain ownership of the land and lease it to whatever entity is building the arena. If I own a 10 storey office building and I lease one floor to the city for whatever department they need space for, do I pay taxes on only 90% of the building now? I admit to not being fully versed on how property taxes work for the landlord when they lease to a municipality though.
Anyway, I don't personally think a 7,000 or so seat arena is going to fly with the people of Hamilton, no matter where it's built, if the city is ponying up a chunk for it.
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Leasing a floor in a building that you don't own is not the same as being the owner of the building. So if the city is leasing a floor in a building the buildings owner still has to pay property taxes.
On the other had if the city was the primary owner of the building as they would be in the case of an arena then they wouldn't pay property taxes since public entities don't pay property taxes.
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