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Originally Posted by Beatle17
The City of Edmonton made money from the citizens being employed at the businesses that pay taxes to operate in the City. None of this money would have been spent locally without the attraction at the arena, specifically other people coming to town. I don't care if it is a large multinational hotel, chain restaurant or other international type business they all employ local people who are taxed and spend their money in the local community. Plus the property tax increase from businesses in the CRL, none of which would exist without the plan to use the arena as an anchor tenant.
If Calgary wants to build an "entertainment" district in the east village they better hope the businesses can survive on the 10 days of Stampede, because with no other events to attract people down to the area all of those businesses will fade away. Or the city can build the $500 Million dollar "entertainment center" on their own without an anchor tenant and hope to recoup their money eventually (like the National Music Center investment - never going to pay for itself),
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The NMC has repaid 2/3rds of their construction loan in the first year through a combination of provincial/federal grants, cultural donations from philanthropists, and gate revenue. The NMC is well on its way to paying for itself.
I think the point is that you're saying you contributed $532 to Edmonton's economy. I don't even know what a proper number would be to say that actually goes directly to the City of Edmonton, but the idea is that you have to do your trip a million times for the City to even break even using your $532 estimate.
If the City of Edmonton literally just gave $500 million dollars to their citizens in the form of vouchers that could only be redeemed within the confines of the city, you would get an equal amount of economic stimulation as an arena.
The arena is not ZERO benefit. We also already have a functional one in the Saddledome. I think the argument is that the marginal benefit of a new arena (ie. the increase in benefit to the City in having a brand new arena vs. the current Saddledome) is not worth 500 million dollars. It's worth something, but not at the amount the Flames are wanting the City to pay.