A public meeting will give Calgarians an inside look into the exact details of an agreement in principle that could land the city a new event centre, but critics are already skeptical of the cost breakdown.
Fazel notes however that those upfront costs put forth by the city will be much higher since CSEC is only putting in $40 million at the very start of construction.
“This revenue will come from the arena, retail around the arena, from what looks like a hotel in the redevelopment block, from a parkade, and the city is getting zero of that revenue. So, the land is for free, no property tax, zero revenue and that’s for tens of billions of dollars being generated.” “When you have an arena on which you have no financing cost and no property tax, it’s pretty easy to run a profit, these things make stinking loads of money, so the operating agreement allows the private sector partner to operate the arena, get all the revenues and we don’t get to see what it is, but this is where all the money is.”Sharp responded to Fazel’s claims on Sunday, noting that the city will ‘not be issuing any debt’ for the event centre.
Sharp added that the $750 million does not include another $50 million that CSEC will be paying to the community sport initiative and future land sales. The City of Calgary initially did not talk about naming-rights revenue or ticket-tax revenue, but those details have since been added to the city’s website.
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