Quote:
Originally Posted by Isbrant
Here is a link to the original deal or framework the City of Edmonton and Katz Group worked out in New York. I don't know if it has already been posted.
http://www.edmonton.ca/city_governme...framework.aspx
The latest cost estimate I saw was now 475 million, not 450 million.
Katz was putting in 100 million, approximately 5.5 per year for 35 years.
Facility Improvement Fee (ticket tax) 125 million
City of Edmonton $125 million
Short $125
These are just for the building. The City would also buy the land, pay for the community rink, pay half of a pedestrian bridge and all the related infrastructure.
With this last letter, did Katz just say he would come up with the missing $125 million (plus cost over runs) with the $250 million statement? |
No, the $250, is a combination of the:
Katz was putting in 100 million, approximately 5.5 per year for 35 years.
Facility Improvement Fee (ticket tax) 125 million (I thought this # was supposed to be 150.)
For a total of "more than a quarter-billion dollars into a new arena."
Really though, he's actually only paying the 100, as obviously the ticket tax actually comes from the tax payer too.
Least that is my understanding.