My quick take on the entire deal is that while the Flames ownership group is putting in a little more money than before, they also have more opportunity to generate more as well.
If we take the $275 million in today's dollars and spread that over 35 years, it's still less than $8 mil a year. For that contribution they are getting an opportunity to generate
some parking revenues from a city owned facility, naming rights for a building they don't own, have the city in essence pay for the demolition of their primary competition building, they appear to get first right of refusal to purchase prime land and partner in development that will only further generate revenue and wealth for ownership.
What kind of average citizen get's these types of deals? What assurances will Calgarians get that there will be somewhat reasonably priced food and beverage at a facility that is owned by the city and taxpayers help fund? It's not like hospitals, libraries, schools and city owned skating rinks sell $6 bottled water but the Flames should?
What assurances will downtown restaurant and bars be given that the Flames, who were once just a hockey club and an arena, will not become their biggest competitor now? It sounds like these entertainment districts make a habit of taking a lot of entertainment dollars and concentrating them even more, usually owned by the sports team's themselves. This was an issue in 2016 with the Oilers and was really bad for away playoff games. Everybody loading up into the Katz building buying food and booze meanwhile a bunch of businesses wondering where their boom is?
Friends of mine who are all in the restaurant business in downtown Regina laughed at me. I was there recently and inquired about how business was with all these conventions happening. Everybody said the same thing, "we used to be busy a few years ago but now everybody goes down to the convention center, eats and drinks there with beer gardens and food trucks" Than a report comes out and mentions all the economic benefits and how all these restaurants downtown are suppose to be cashing in.
I am a diehard Flames fan, I go to a ton of games a year, support the team through it all emotionally and financially and everything. I am also a fiscal conservative citizen of this city and I get a little peeved with some of the "contributions" that the ownership group want.
Let's all sit around and clap because the Flames are kind enough to give the city a chunk of the naming rights for a building they don't own, they can generate parking revenue for a city owned parking lot that they don't own?
What would happen to any CP'er who sold the naming rights to City Hall and collected the cash, set up a tent and food/booze and sold parking on city owned lot? Laughable.
I get everything needs to be done and it will end up being a positive and beautiful thing for our city but let's not pretend Edwards, King and the Flames are doing us some massive favor with this whole thing.
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