Toronto Stadium To Get Senior Level Funding

I don't get it. Why does the Toronto get money from the Senior Levels and Windsor does not? Why does the County get grants and Windsor does not? Do you think it might be because Windsor's Mayor and Council snubbed them and they are still teaching us a lesson? Is it their equivalent of sitting a bad child in the SuperNanny's "naughty chair."

I wonder if I should call Beztak to go to Toronto after reading the Toronto Star story, excerpts of which I am publishing below. What a deal!

Larry Tanenbaum is Chairman of Maple Leaf Sports and Entertainment and was involved in the past with Borealis of DRTP fame. He was paid $15.7 million when OMERS bought out Borealis. MLSE and Borealis Infrastructure are involved with Ricoh Coliseum in Toronto also. I always expected Borealis to offer to build an arena here in order to convince Windsorites that DTP was a good idea. Maybe they still will if the Raceway deal falls apart.

City spends $9.8M for soccer stadium
Council okays spending $9.8M
Critics call it bad deal for city
VANESSA LU AND JOHN SPEARS
CITY HALL BUREAU

After a 4 1/2-hour, heated debate on whether the city should be subsidizing a private sports enterprise, Toronto councillors voted to spend nearly $10 million toward a soccer stadium.

In a 25 to 13 vote, councillors gave the go-ahead for $9.8 million of public money to help build a soccer stadium at Exhibition Place in a deal with Maple Leaf Sports and Entertainment, owners of the Maple Leafs and Toronto Raptors.

"This is so wrong. This is so bad," shouted Councillor Mike Del Grande (Ward 39, Scarborough-Agincourt). "It's a backroom deal."

Some councillors criticized the plan for the 20,000-seat stadium, saying it is earmarking taxpayer dollars for a project that never went out for proper tender. They warned the city could be on the hook for any future losses.

But the cash-poor city doesn't have the funds to pay for the venture, so it will have to borrow $9.8 million. That means the deal will cost the city $16 million after interest is calculated over 20 years. City officials estimate that at the end of the 20-year agreement it will be ahead $200,000 and it will own the stadium. The city is also offering up the land, valued at $10 million, without charging any annual rent or receiving any property tax.

Under the proposal, the federal government is expected to chip in $27 million and the provincial government $8 million. While there is no agreement in writing, chief financial officer Joe Pennachetti said the city has reassurances that they are on board. And if they fail to deliver, then the city can back out.

MLSE will pay $18 million and will be on the hook for any construction cost overruns. As for operating losses, MLSE will foot the first $250,000 and any other losses will be shared with the city on a 50-50 basis. Any profits will be shared equally.

In light of the recent inquiry into the MFP affair, Del Grande warned the city was making another mistake, embarking on a deal that did not undergo proper scrutiny. A request for proposal was never issued, and other private sector partners were never sought.

Several councillors warned of the SkyDome experience, where it cost more than $600 million to build, mostly at taxpayer expense, and the stadium was sold last year to Rogers Communications for $25 million.