If the Flames front the tax and then collect it back with a 7% tax rate, they are certainly the ones at risk should they bump up against the top of their market. I don't see much debate in that.
If the city fronts the money then they are out time value of money, and the Flames are still at risk that the repayment that they plan to come out of the ticket tax will bump up against their market max and take away revenue.
The first is all CSEC the second more complicated depending on loan terms.
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