By Ryan McGreal
Published July 14, 2010
If Council confirms the East Mountain site for the Pan Am Stadium, where will the money for remediating the West Harbour come from?
Facilitator Michael Fenn suggested in his report on the mediation process between the City and the Hamilton Tiger-Cats that the City might be able to reduce its financial commitment to an East Mountain location and divert some of the money to the West Harbour.
However, Bob Young has stated that the Ticats' financial proposal for the East Mountain - entailing $15 million directly invested into the "stadium precinct" plus $30 million for 10 years of stadium management - depends on the city committing the $60 million Future Fund, leaving nothing for the West Harbour.
Further, today's Spectator reports that another $8 million in public money will be required for street upgrades to prepare the East Mountain for a stadium - not to mention the additional strain on an already-overburdened storm water management system for the Red Hill Valley Parkway.
The mandate of the Future Fund is threefold:
Needless to say, an East Mountain stadium accomplishes none of these goals. Further, the community panel that was convened to decide how to invest the Future Fund identified investment in downtown Hamilton to be a high priority.
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