Quote:
Originally Posted by New Era
Yeah, so? What is your point? The land would be part of the City of Calgary's contribution to project as well. What is your point?
I think your math is off. The Oilers, after 35 years, will have paid just over 48% of costs. The City of Edmonton pays a hair under 52% of costs. What matters most here is the city is on the hook for $587.2M up front, and then has to carry the loans until those monies are paid back. Katz puts up $26.5M and gets a 35 year interest free loan.
You're right, details do matter. That's why I want to see the details of this purported 50:50 deal. Because the details of the Edmonton deal were absolutely brutal for the city. I can't believe the Flames would have anything remotely draconian like that, but you never know until those details are available.
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I'm not saying that the Edmonton deal is 50/50. I am saying that if you asked Katz or if Katz was selling the deal to Council he would say he is putting up 50% of the cost. He is not but that is how you would sell it
So when I here King say 50/50 without detail. I wonder where the screw job is coming from. Is land in or out of 50-50, in CalgaryNext land was not included in Kings numbers.. When CalgaryNext was "50/50" but really was 800/450 much closer to 2/3 1/3 you can see why one would believe the 50/50 offer when getting the details will look much closer to Edmontons deal then really 50/50.
And this still doesn't consider an 8 million dollar per year tax subsidy. Until King releases details I will continue to assume that he has left costs off of the table to make his numbers look better.