[oldschoolcalgary]

But a Calgary economist disputes that figure, saying inflation wasn't taken into account.

"That number is unquestionably wrong," University of Calgary associate economics professor Trevor Tombe told The Canadian Press.

"A dollar in 35 years is worth a lot less than a dollar today. Inflation alone eats away half the value of that dollar over the course of three and a half decades.

"They're not at all incorporating these issues around the time value of money. It is just Finance 101. This is not how you do it."

He also points out a $47-million net loss on the project wasn't made public at the news conference last Monday, and that information only came to light when administration was pressed by councillors later that night in chambers.

But a loss of $47 million over 35 years isn't necessarily a deal-breaker, he said.

"It's a money loser, but that's OK," Tombe said. "We don't fund the zoo because we think it will make money. We do it for other reasons and there are those non-economic considerations here too."

The city vows municipal property taxes will not increase to pay for the event centre.

If revenue streams to the city stated in the proposal were eliminated, Tombe says the arena's cost to the average Calgary homeowner would be $15 per year in perpetuity.

"Personally, I actually come down and say 'hey, the intangible benefits, redeveloping that area and the arena for Stampede and other community stuff and civic pride' to me, that's worth fifteen bucks a year, but individuals will differ," he said.

https://www.tsn.ca/calgary-flames-ar...ncil-1.1343662

take it for what its worth...