Comment 55767

By RenaissanceWatcher (registered) | Posted January 11, 2011 at 18:22:59

Reports today suggest that Mayor Bratina and Bob Young estimated the cost of refurbishing Ivor Wynne Stadium at $115 Million with Hostco paying $70 Million and the City of Hamilton paying $45 Million.

Unless something has changed, the numbers presented by Bratina and Young do not jive with the original agreement in which Hostco agreed with the City of Hamilton on a 56 per cent/44 per cent split of the construction costs of the Hamilton Pan Am facilities.

For a $115 Million stadium, this would calculate to Hostco paying $64.4 Million and the City of Hamilton paying $50.6 Million.

Therefore, unless the agreement with Hostco has changed, the Bratina/Young numbers presented today seem to overestimate the actual Hostco contribution by $5.6 Million and underestimate the amount Hamilton would have to pay by $5.6 Million.

Comment edited by RenaissanceWatcher on 2011-01-11 18:45:15

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