Quote:
Originally Posted by Stormer
I support this deal. These assets in City hands will never make money and as set forth in the meeting packet will continue to be a huge drag on the Civic budget. You are cherry picking only the City's obligations here. Brandt is assuming massive liabilities and risks. This is an opportunity to breath new life into the REAL campus. They City could have tried, but as we have seen, they are not good at this.
Also one error in list. Brandt is paying the $550K per year into the capital reserve for the ITC, not the City.
You are correct that this will be approved. Lefties on council see the opportunity to free up cash for their pet social justice projects and moderates and right-wing councilors will be looking to get the City out of a money losing business.
Finally, Reddit is a terrible place to get information about such things.
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If the goal of this land is to operate public event spaces, then I think making money shouldn't be one of the core goals (same with things like roads, schools, etc - they are services for the public, subsidized by taxes). However, there's also a requirement to still operate things prudently, which REAL has not done. But the solution to that is to have the city dissolve REAL and take over directly and make big changes.
If the goal
is not to operate public event spaces, then I think there should be two options:
- Use the land for different public use - In this case, you tear down much of the old buildings (including Brandt Centre) and use it for something else. Or lease some of the land for private operations such as hotels, new arenas, etc
- Sell the land at market value - It's a giant chunk of land at the centre of the city. If you sold it to a developer to use for whatever they want, then the city would get a lot more money than what Brandt is paying
Instead, we're going to get a frankenstein situation of still having public events, but any profit is going to the private sector while the taxpayer subsidizes it. Socialize the losses and privatize the profits, effectively.