Comment 57850

By RenaissanceWatcher (registered) | Posted January 24, 2011 at 20:01:43

The decision made today by Hamilton city council to approve Ivor Wynne Stadium as the only Pan Am stadium site and cap Hamilton’s contribution at $45 Million is bizarre.

Over two years ago, the City of Hamilton signed a multi-party agreement with the Toronto 2015 Pan Am Bid Corporation to pay 44% of the construction cost of a 15,000 seat Pan Am Stadium.

Toronto 2015 and Infrastructure Ontario have pegged the current cost of a 15,000 seat Pan Am stadium at $125 Million in 2012 dollars. To comply with the multi-party agreement, Hamilton would need to contribute 44% of the construction cost. That calculates to $55 Million as a starting point.

Any construction costs above that to satisfy the additional requirements of the CFL and the Tiger-Cats would fall upon the City of Hamilton if no financial contributions are made by the Tiger-Cats and their sponsors and/or additional monies are not forthcoming from the federal and provincial governments.

The proposal being sent by Hamilton city council to Toronto 2015 seems to be:

  1. To build a Pan Am stadium at Ivor Wynne Stadium;

  2. To cap Hamilton’s contribution at $45 Million (36%) of the $125 Million cost of a 15,000 seat Pan Am stadium instead of the required 44% thereby breaching the multi-party agreement between the City of Hamilton and the Toronto 2015 Pan Am Bid Corporation.

So how will Toronto 2015 respond to Hamilton’s proposal:

  1. Accept the proposal but require Hamilton to pay 44% of the construction cost to which it is committed under the multi-party agreement, or

  2. Reject the proposal because it breaches the original multi-party agreement.

Today's decision by Hamilton city council will probably result in community sized Pan Am soccer stadium being built in Mississauga or Brampton.

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