Listen, here are the details that have not been released but will get released. If we are being honest, this is how the deal will work out.
$356 million from CSEC over 35 years. So approx $10 million a year in contribution from the ownership group. Consider this "rent" or whatever.
The ownership group will keep all revenues from events at BOTH city owned buildings but will be responsible for maint/ repairs for the expected life of the building (35 years) The community rink idea is a way that ownership can have many many more events at the complex with having some public component to it. Think Flames game at the big barn and a small concert or other event the same night in the community rink. Anybody who think's this building is going to be available all the time for your kid's hockey team is dreaming. It won't.
The Flames will sell the naming rights to the highest bidder which may be able to bring in, I dunno, $5-8 million a year? Maybe even way more. Toronto is now getting $ 40 million a year for 20 years from Scotiabank.
Ticket tax: The Flames will collect this as part of their management of the facility to help offset costs.
Development rights: The Flames will be given a chance to buy and develop a lot of land in the area for their personal benefit. Hotels, bars, dancehalls, office towers, public space for other events etc. That's why the question was asked in the Q&A and it was said to be "commercially sensitive"
So bottom line is that the city buckled like no other. Thank you to our provincial and city officials for not only getting this deal done but actually paying some of the wealthiest people in the world to do this deal. Virtually no actual money flowing out from ownership that won't be re-couped in another avenue directly as stated above. This is a mathematical certainty and isn't up for debate.
I have zero issues with the project except that the people who will benefit from it from a financial perspective are paying nothing for it and in some ways, are actually getting paid for doing it. What a load of garbage for the taxpayer's. Ironically we are already discussing expanding Edmonton's money making machine for another billionaire who got his for virtually free and than bought himself a $125 million USD home in LA.
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