Thought I’d peruse the internets and condense what’s beeing said regarding the arena vote that passed last night. Read on for the details.
An 8-5 council vote passed last night based on a 17 part motion passed in April by the city regarding it’s desires for the project.
- Maximum construction cost: $450 million
- $100 million – Daryl Katz
- $125 million – ticket fee
- $125 million – taxes/city funds
- $100 million – provincial/federal funding (not established)
The two sides will jointly work on a design. Not sure if one has absolute power or if an agreement must be made.
The city will own the 18,500-seat building
Katz will operate it, receiving all the revenues and covering all the costs.
Any cash made from naming rights go to Katz.
35 year agreement.