Oct 12, 2012, 4:59 PM EST
All you have to do is look at the ongoing situation in Glendale to understand the significant risk local governments take when they get involved in the building of stadiums.
So it’s no surprise city councilors in Markham, Ontario – a Toronto suburb – are requesting more information before taking on $325 million in debt to construct a new NHL-sized arena.
“I have a lot of concerns,” councilor Valerie Burke told the Toronto Star. “With everything else we discuss in council, we are given very detailed reports. But with this we have just been given a very rosy picture. We are not being given all the details of the deal.”
Currently the plan calls for businessmen Graeme Roustan and Rudy Bratty to pay back half the $325 million, plus interest. The other half will supposedly come from residential developers via a levy on new homes.
As such, supporters of the arena, including the mayor, believe they can call it privately financed.
Roustan also claims an NHL tenant isn’t required in order to make a profit.
- Report: Justin Schultz to be healthy scratch versus Preds 8
- PHT shares #WhyImThankful 7
- Roy: ‘They got away with things that we could not’ 17
- Video: Panthers’ Luongo leaves game due to injury (Updated) 0
- Video: Jets’ Lowry hits Sabres’ Kaleta from behind 6
- Video: Lightning pay tribute to St. Louis 6
- He’s baaaaack: Brodeur joins Blues on tryout basis 20
- Chelios calls ex-teammate Shanahan an inexperienced ‘politician’ 17
- Sharks players go to bat for McLellan: ‘Why would you get rid of him?’ 1
- Garbutt to have hearing for kneeing Hall 3
- Video: Milan Lucic calls Dalton Prout one-punch ‘gutless’ (101)
- Prout drops Lucic: ‘As far as I was concerned we were engaged in a fight’ (88)
- The Leafs didn’t salute their fans last night, so that’s a thing now (79)
- Jack Johnson filed for bankruptcy, parents allegedly took advantage of him (58)
- Bruins’ Lucic expected to play against Habs after getting one-punched (Updated) (47)