The 11% figure thrown around here is really dependant on the details.
If the city is taking all of the profits until they are paid back - then sure you could argue the 11% - although you are still assuming the Flames are making zero profit after the city if paid off.
But if they are splitting profits in some way - it doesn't make sense to consider the city portion as a payback of a loan and the Flames portion as unrelated to their contribution to the building. If you consider the city paying 11% - if they are sharing profits - then the Flames contribution isn't 89% if you treat the profit split the same way for both sides.
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