Dec 5, 2013, 11:29 AM EDT
From the Canadian Press:
City council in Markham, Ont., voted 11-2 Wednesday night against using any public funds to build an NHL-sized arena.
The vote effectively kills a proposed financial framework with businessman Graham Roustan, the CEO of GTA Sports and Entertainment.
The proposed plan was to have Roustan’s company put up half of the cost, $162.5 million, for a 20,000 set arena while the city would cover the other half.
But it’s not quite the end of the story, according to the Markham Economist & Sun:
An amendment that gave GTA Sports & Entertainment or, notably, any other private partners six months to come forward with proof of funds for the full $325-million to finance the project was carried in a vote of 12-1…
The proposed arena — with no guarantee of an NHL tenant — has been a highly controversial topic in the Toronto suburb, with some in the media, as well as local residents, coming down hard on the project, in particular the financial framework of the project.
From the Globe and Mail:
Roustan can still pursue an arena deal, but without any financial guarantees from the city, his proposed GTA Centre is on life support. However, he said he can still come up with $162.5-million and hopes the anonymous developers who were part of the second MOU or other private investors can provide the rest.
But, he admitted, if no other investors surface in six months “yeah, it’s over. It’s always been that way.
- Rutherford admits mistakes, but has support of Penguins ownership 0
- Wings’ Kronwall has hearing today for hit on Kucherov 25
- Kucherov isn’t going to ‘cry’ about Kronwall hit 37
- Nothing but Kuznetsov: Caps best Isles in Game 7 26
- Not done yet: Lightning earn Game 7 against Red Wings 8
- WATCH LIVE: Tonight’s Stanley Cup Playoff action 0
- Blues owner ‘disappointed and frustrated,’ but not ready to ‘throw people under the bus’ 30
- Despite ‘step in the right direction,’ do Canucks need to alter core? 16
- Report: Developers file intent to build arena in Seattle suburb 80
- Rangers lose Zuccarello indefinitely with suspected concussion 8
- It’s Done: Rangers eliminate Penguins in overtime (110)
- Another Blues campaign ends in disappoint as Wild advance (99)
- Bettman under fire after saying ‘Katy Perry’ chant wasn’t sexist (92)
- Friedman: Penguins need to ‘think about’ trading Malkin (89)
- Okposo blasts ‘idiot’ Wilson after physical outing versus Isles (82)