Quote:
Originally Posted by FlamesFanTrev
With a declining asset with no major tenant and a significantly reduced revenue stream, you couldn't sell it period. So yea, a CSEC funded arena is a huge commitment
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Absolutely. So let me boil this down:
The CSEC does not want to own the building. Period. Full Stop.
But, if the City expects the ticket tax to be repaid and then expects the CSEC to repay the City's other third then the City gets a building for free, or more accurately for the cost of assuming the risk, the financing and the depreciation.
Thats not fair either.
It seems to me that there are details that I'm unaware of. Or this is just a catastrophically bad negotiating process.