Jan 29, 2013, 1:55 PM EDT
Markham city councilors are expected to vote tonight on whether to continue with plans to build a 20,000-seat arena that would see the Toronto suburb take out a $325-million to fund construction of the NHL-caliber rink.
Under the controversial proposal, billionaire developer Rudy Bratty (fronted by former Bauer CEO Graeme Roustan) would pay back half the $325 million of the debt, plus interest. The other half would come from residential developers via a levy on new homes.
Should the plan go ahead, there’s no guarantee an NHL team will follow. And that has councilor Valerie Burke concerned.
“It is a big vision,” Burke told the National Post. “But, fundamentally, we were elected by the residents. And we all said in our campaigns that we were going to listen to the residents. And it’s very, very clear that the residents are extremely worried that we could be facing the fallout and a white elephant.
“That’s why we’re there: To listen to the residents. And I don’t have any trouble with this, because I can tell you as a Markham resident myself, it does really worry me that we could be faced with a financial disaster.”
Meanwhile, in Glendale…
- After not seeing ‘eye-to-eye’ with Carlyle, Reimer will compete for No. 1 gig 4
- Two down, one to go: Wings ink Tatar to three-year, $8.25M deal 11
- Cashing in: Rangers sign Brassard to five-year, $25 million deal 62
- Subban not eager to discuss contract talks 33
- Leafs re-sign Reimer — two years, $4.6 million 22
- Gorges still can’t explain falling out of favor in Montreal 13
- Eller, Habs agree to four-year, $14 million contract 10
- Cory Sarich hospitalized following cycling accident, expects ‘full recovery’ 7
- Stamkos shrugs off talk of LeBron-like homecoming to Toronto in 2016 31
- Avs and O’Reilly agree on two-year deal, but questions remain 45
- NBC Sports to air over 100 NHL regular-season games in 2014-15 (69)
- Cashing in: Rangers sign Brassard to five-year, $25 million deal (62)
- Avs and O’Reilly agree on two-year deal, but questions remain (45)
- Arena deal in jeopardy? Glendale mayor requests investigation into ‘clear violation’ of state law (42)
- Zuccarello takes Rangers’ one year, $3.5M deal (42)