As one of the (likely) very few people who has CPO season tickets and Flames season tickets, I actually don't think gov't funding for either organization to get a new building is appropriate. Both Jack Singer and the Dome were built in the '80s (83 and 85 respectively) and both were paid for publicly. Both serve mainly a more affluent clientele, and both buildings are still functionally meeting their original purpose, even if there would be significant improvements possible with new buildings.
Catalyzing the development of an area downtown can be done in many ways, and the least efficient per dollar would be building a publicly funded arena. Tax abatements for new development, rebates for nightlife, or large draws that aren't replacing an existing draw elsewhere would all be better. A new arena mostly just moves existing business around, although we might get a few more concerts. A new opera house (as one example) is something we don't currently have that would be a similar catalyst. Other things would also work, like a broadway style theatre, giant waterpark, huge ferris wheel, etc.
Basically, a new arena mainly benefits people who don't need the public money.
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