Oct 12, 2012, 4:59 PM EDT
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.
- Price makes 43 saves as Senators’ magical run ends in controversy 15
- Video: Fast whistle costs Senators potentially critical goal 11
- WATCH LIVE: Today’s Stanley Cup playoff action 3
- Another Blues campaign ends in disappoint as Wild advance 84
- Crosby joining Team Canada at Worlds 16
- Here’s your Stanley Cup playoff TV schedule for today 12
- One more time, with feeling: Flames stage yet another comeback, eliminate Vancouver 25
- Keith conquers: Blackhawks come back, eliminate Predators 49
- Red Wings smother Lightning, take 3-2 series lead 23
- Going the distance: Isles edge Caps to force Game 7 43
- Too little, too late: Rangers stifle Penguins for 2-1 series lead (114)
- It’s Done: Rangers eliminate Penguins in overtime (108)
- Bettman under fire after saying ‘Katy Perry’ chant wasn’t sexist (92)
- Another Blues campaign ends in disappoint as Wild advance (90)
- Okposo blasts ‘idiot’ Wilson after physical outing versus Isles (82)