Quote:
Originally Posted by DiracSpike
The MTS centre also was purchased by True North below what it cost to build and they are the recipient of rebates worth tens of millions each year.
So the only real comparables are Ottawa and Winnipeg, the developer in Ottawa went belly up and Winnipeg has a deal that is a heck of a lot sweeter than what the CoC offered up.
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Having the Flames pay for 70% of the arena, negotiating with the province for property tax breaks (meaning they'd own the arena putting that declining value liability in their court rather than the city's), and letting the city charge an entertainment tax on every ticket sold and then rebate a bunch of it then sign me up. Put that deal in front of the city and they'd sign without much hassle too i'd imagine.
It means the Flames lose the ticket tax as a form of funding, and contribute a whole lot more cash than they were ever willing to contribute, because it is a tax rebate from a city revenue source, and not a loan guarantee. But yeah, done deal.