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How was the city’s offer in any way a loan? There was no money that was asked to be paid back.
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In the way that it was money that was eventually going to be recouped through some other avenue.
To which I'm sure you'll say, doesn't the city deserve to get that money back? I don't necessarily disagree, I'm just saying that these deals only work in a market like Calgary when there's government funding that's not recouped directly back to their coffers. It's what has to happen for an arena to be built in a city this size, as proved by all of the other Canadian parellels.