I know Jeromy was a pretty divisive City Councilor back in the day (was not a fan myself) but he has been pretty open about his experience and pensive about how he could have handled his term better, so I do think his comments on this matter do have merit.
Isnât the revenue part misleading? Sure on flames games CSEC takes all the profit but I read the ownership of the event centre is the cities so doesnât that mean anything not CSEC related such as concerts, that the revenue goes to the city?
SomeJerkOddball
I’d also add that we should be calling this the Rivers District Deal, because none of the provincial funding is destined for the arena complex apart from the community rink.
Gattaca_D
I wish I got a deal like this on my house where not only does the government fork over 70% but also I can defer my loan payments for years at a lower rate.
Umbrae-Ex-Machina
This is so ridiculous. Why should we expect the entire province of taxpayers to bankroll our teamâs owners?? And then not get ANY of the revenue!
CJ_Boiss
What I’m seeing here is an arena paid for entirely with public money, with the private billionaires taking out a loan from the city that is *massively* below market rate, with 100% of that revenue going to the private billionaires and none of it going to the city that is actually paying for and building the entire damn place.
That about sums it?
There must be something missing, right? Because how in the sweet fuck did anyone on city council agree to this?
Scissors4215
Itâs amazing how many people seem to have done a 180 on Farkas. Iâm sorry but a leopard doesnât change its spots.
Farkas doesnât even have the details of the deal to make a âdetailed evaluation of the dealâ.
Iâm not defending the deal, I donât think itâs a good one. However Farkas is against EVERYTHING so itâs not surprising heâs against this
Straight-Plate-5256
I don’t believe this is *entirely* true, the city will retain ownership of the arena so I’d imagine they’ll collect revenue from CSEC in some capacity.
Edit: obviously murray stands to make off like a bandit in this deal but the chances of CSEC getting literally 100% of the revenue are zero.
8 Comments
I know Jeromy was a pretty divisive City Councilor back in the day (was not a fan myself) but he has been pretty open about his experience and pensive about how he could have handled his term better, so I do think his comments on this matter do have merit.
[Original thread including his own comments on the matter.](https://www.reddit.com/r/Calgary/comments/132a1vm/csec_will_contribute_33_of_upfront_costs_for_100/)
Isnât the revenue part misleading?
Sure on flames games CSEC takes all the profit but I read the ownership of the event centre is the cities so doesnât that mean anything not CSEC related such as concerts, that the revenue goes to the city?
I’d also add that we should be calling this the Rivers District Deal, because none of the provincial funding is destined for the arena complex apart from the community rink.
I wish I got a deal like this on my house where not only does the government fork over 70% but also I can defer my loan payments for years at a lower rate.
This is so ridiculous. Why should we expect the entire province of taxpayers to bankroll our teamâs owners?? And then not get ANY of the revenue!
What I’m seeing here is an arena paid for entirely with public money, with the private billionaires taking out a loan from the city that is *massively* below market rate, with 100% of that revenue going to the private billionaires and none of it going to the city that is actually paying for and building the entire damn place.
That about sums it?
There must be something missing, right? Because how in the sweet fuck did anyone on city council agree to this?
Itâs amazing how many people seem to have done a 180 on Farkas. Iâm sorry but a leopard doesnât change its spots.
Farkas doesnât even have the details of the deal to make a âdetailed evaluation of the dealâ.
Iâm not defending the deal, I donât think itâs a good one. However Farkas is against EVERYTHING so itâs not surprising heâs against this
I don’t believe this is *entirely* true, the city will retain ownership of the arena so I’d imagine they’ll collect revenue from CSEC in some capacity.
Edit: obviously murray stands to make off like a bandit in this deal but the chances of CSEC getting literally 100% of the revenue are zero.