Jan 29, 2013, 1:55 PM EST
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…
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- Report: Isles coach Capuano not seen as problem 11
- Rivalry Night on NBCSN: Flyers challenge top-ranked Blackhawks 18
- Update: Ryan Callahan out 4-6 weeks with MCL sprain 15
- Four goals: Ovechkin wills Caps to stunning shootout win vs. Bolts 62
- Bettman: No decision on expansion, but they’re listening 13
- Video: Penguins’ Orpik stretchered off ice; Bruins’ Thornton given match penalty (182)
- Neal suspended five games for kneeing Marchand in the head (156)
- Bruins coach admits Thornton crossed the line, slams Pens for not being ‘truthful’ (138)
- Pens put Orpik on IR (132)
- Orpik suffers from concussion, including memory loss (118)