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Old 09-13-2017, 11:57 AM   #1
sureLoss
Some kinda newsbreaker!
 
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Default Arena Negotiation Discussion v2

Since it likely will get buried in the other thread

Calgary arena deal scuttled over tax exemption, recouping city investment: Sources

http://www.metronews.ca/news/calgary...g-sources.html

Quote:
Sources have told Metro the latest deal on the table involved a 1/3, 1/3, 1/3 model, where the City of Calgary would provide 1/3 of the upfront cost for the new arena, 1/3 would be recouped through a ticket surcharge and 1/3 would come from the Calgary Flames ownership.

Early cost estimates for a new arena were $500 million, but those familiar with the situation said some city officials believed the final tab would be higher - in the range of $600 million.

Where talks broke down, according to sources, was in how the city might recoup its initial investment, either through property taxes or a revenue sharing model. It was hoped the city could get back its initial investment over the next 30 years through a lease or rental arrangement with the Flames.

Information provided to Metro indicated those were the areas the two sides couldn’t agree upon.

CSEC was apparently looking for property tax exemption and wouldn’t flex on models for the city to recoup its investment, including possible revenue sharing options.

News Update


Last edited by sureLoss; 09-15-2017 at 09:13 AM.
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