Thursday, April 2, 2015
Your Shiny New Malinvestment
New shiny stadium.
The sparse details: http://calgaryherald.com/news/local-news/triple-play-flames-megaproject-pitch-includes-arena-stadium-amateur-sports-house
Stuff I noticed:
" [Calgary Multisport Fieldhouse Society] has been working with the city’s recreation department on a $202-million, publicly-funded development at Foothills Athletic Park, just north of McMahon Stadium. In February, city staff ranked it at the top of the city’s unfunded infrastructure projects. "
" Several councillors have said they’d be open to giving the Flames free land for a new arena..."
Hey why not both!
That land that the city wants to give away for 'free' was paid for by...the city (aka property owners). The paper says a section of the land cost them $40 million. I do not know what the full parcel cost the city (aka those of us who pay property tax) to acquire.
Nenshi, the great civic vanguard against waste (dies laughing) is already appearing to flip on his earlier stance on public funding for the stadium. It has gone from 'I'm not giving them any money' to, and this is a quote: “Whatever solution we end up with is a solution we’ll get with great respect for one another and figuring out together what’s best for the community,”
And he apparently said in a Q&A forum that: "it (the stadium) must have some public benefit if it’s to garner public funding."
If. Lulz. If.
Look, this is stupid. Here is the funding model the taxpayers should be demanding.
1: City has the ability to borrow at lower rates than most.
2: City gets a loan at the current (negative? lol) low interest rates. From the BoC!
3: City then loans the Flames money at a low interest rate. (Let's say the city gets the loan for 1%, then they turn around and loan it to the Flames at 1.05%.)
4: Flames take the money they were loaned, and then buy the land they want to put the stadium on from the city.
5: Flames then pay for the construction of the stadium. These funds would be from the loan. (IE the city gets enough of a loan to pay for the land and the stadium construction).
I mean, it's still corporate welfare, but at least it is a little more palatable.
It doesn't 'cost' the city anything. In fact, they make a small amount on it.
It's early, maybe I'm missing something in my model. Ya'll let me know.
Furthermore, I think Peter Loubardias should be fired.