Quote:
Originally Posted by Vulcan
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Flames are looking at less than 1B for their part of the expenses.
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You might be misunderstanding how it works. The idea is that the City of Calgary will be the developer of the proposed West Village Entertainment District. They will have to front-end ALL of the cost of clean-up and servicing of the land assembly. Then, they would either sell the fully-developed sites/parcels to interested parties for further construction (i.e. East Village model), or build-to-suit facilities that would be further transferred to holding entities (i.e. the Calgary Saddedome Foundation) that would then act as landlords and lease them to facility major tenants (Calgary Flames, Calgary Stampeders etc.). Currently, Flames lease the Saddledome facility from Calgary Saddledome Foundation, which is managed by the Board of Directors appointed jointly by the City, Province and some community organizations. I could be wrong on this, as I don't have all the data, but none of the NHL teams own their arenas. I believe they are all leased from their respective municipal authorities. Wouldn't mind having the actual data on this.