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Old 09-13-2017, 11:57 AM   #1
sureLoss
Some kinda newsbreaker!
 
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Default NEWS ONLY- Flames/City Arena negotiation

MOD NOTE- This thread is to post new updates ONLY. If you wish to discuss something posted in this thread, please quote then copy into one of the other arena discussion threads. The purpose is so that people can turn to this thread throughout the day and not have to dig through hundreds of posts to find news.
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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

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