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"This has been TheScorpion's shtick for years. All these hot takes, clickbait nonsense just to feed his social media algorithms." –Tuco
So as my memory serves, the CalgaryNext fiasco was basically the Flames paying 1/3 and the city paying 2/3 - even though King bullshat it as a 50/50. The city's initial proposal was basically Flames 3/3, city 0/3 once all was said and done. So this fits nicely in the middle, heh.
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I am glad the CMLC was involved as i feel that they will work towards ensuring the project works in the urban fabric...
A 50/50 split is a reasonable split now that there is a more substantive public component... the argument being public monies should be used for the public good. i believe this is much clearer in this proposal with the Stampede being involved...
I am sure there will be a part of the public that won't like the deal - there are ppl that will be against any kind of public spending... however, i think this is a deal that the majority of Calgarians can live with...
In the end i think this is as good a deal as calgarians can expect - the dome does need to be replaced and this will help to revitalize an area of the city that has long needed it.
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As a finance guy, I can say this looks like a pretty close 33% split between each of the Flames, City and Users (ticket tax) when you discount back to the Present Value of the ticket tax.
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I would be ok with renewing the "corral" name for the arena: has good flames history, western roots with stampede flair, doesnt require special architectural design, and isnt a bland "place"/"centre"
Scotiabank corral isnt amazing but it's better than Scotia center v 8.0
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I would be ok with renewing the "corral" name for the arena: has good flames history, western roots with stampede flair, doesnt require special architectural design, and isnt a bland "place"/"centre"
Scotiabank corral isnt amazing but it's better than Scotia center v 8.0
WestJet Corral?
__________________ It's only game. Why you heff to be mad?
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"This has been TheScorpion's shtick for years. All these hot takes, clickbait nonsense just to feed his social media algorithms." –Tuco
__________________ https://www.reddit.com/r/CalgaryFlames/
I’m always amazed these sportscasters and announcers can call the game with McDavid’s **** in their mouths all the time.
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Essentially takes them god awful sight lines in Edmonton and mocks them for eternity. All while keeping that C of Red feel and minimizes the size of the arena while still having the 19k capacity. Makes sense? Add a ton of tech in there and boom. Entertainment center of Alberta.
EDIT: I think this is the direction theyre taking. All those earlier renderings in this thread had the Rosetti watermark on them.
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275 million City
11 million demo
40 million In kind land donation (from the how they are paying it slide)
0 dollars in property tax (this just continues the existing subsidy the city gives the flames)
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326 million City
155 million over 35 years works out to 100 million npv at 3% discount (my assumes city cost of borrowing.)
2.5 million in naming rights over 10 years. Nothing stated about next 25.
75 million in local sport over 35 years (some of this is new money but I suspect this a lot will be in kind and other things so I don’t think I would count it)
135 million in new property taxes (This again shouldn’t be counted as it is displaced from other areas of the city so not really new)
So the city pays about 184 million in NPV for an arena and continues the tax free subsidy of the flames.
I don’t understand why more money can’t be extracted from the Stampede as they free up a ton of extra space but I don’t really know much about Stampede finances. Maybe they don’t print money like they do in my head.
The flames end up paying 376 million using a 3% discount rate on the ticket tax cash flow. However if the flames use a 10% discount rate on future cash flows as a business might where having the money now is worth much more than it is to the city then the Ticket tax only cost them a 43 million NPV but for this I will just use the 3% throughout.
So in the end I think it breaks down with 184 million City of Calgary 376 million flames plus the city continuing its existing subsidy that would occur anyway.
It’s not a great deal for the city as in an ideal world the cap would be 20 million lower and each team would get a free arena every 30 years. But that would take all the cities in NA to get together and stop the foolish race to the bottom. However, it’s probably close to the maximum price the flames are willing to pay before considering moving. So the city did a good job here paying for roughly 1/3rd of the cost excluding land and 37% including the land value.
Pending all the other details coming out of course
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I would be ok with renewing the "corral" name for the arena: has good flames history, western roots with stampede flair, doesnt require special architectural design, and isnt a bland "place"/"centre"
Scotiabank corral isnt amazing but it's better than Scotia center v 8.0
Fun fact: When the Corral opened, most people HATED the name. So much so that a couple sportswriters refused to even call the arena by its name until the Stampede and Calgary Stampeders threatened to revoke their press access.
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