Quote:
Originally Posted by getbak
The original price tag was going to be $450M.
Katz would pay $100M, the city $125M, $125M from a facility fee/ticket tax, and the final $100M was never accounted for.
The assumption was that they'd be able to get the provincial and/or federal government to provide that money, but both levels of government have consistently said no.
Since then, the estimated cost has gone up another $40M, and no one has agreed to pay that money either.
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Ah... I thought the facility fee/ticket tax was supposed to pay back the $125M from the city. If not, who is fronting that other $125M (not the city, the ticket tax money)? No builder is going to build anything and say 'pay me back as you can over the course of the next 10 years'... (just quick math, but if you charge a $10 tax per ticket, to pay back the original $125M assuming 18,000 people and a sell out for every single event, you are looking at 695 events (hockey games, concerts, whatever) to pay back the $125M - not including any interest).
Plus they are still another $90M off ...
Seems like this is still a ways away.