In his most recent Caretaker Update, Hamilton Tiger-Cat owner Bob Young promised supporters that the team "can" and "will" invest in the proposed Pan Am stadium at the CP Rail Yard on Aberdeen Ave and Longwood Rd.
We can, and we will be, investing in the Stadium and working with the City to find new revenue streams to ensure the Stadium contributes enough economic activity (and the resulting tax revenue) to the City of Hamilton that the Stadium more than justifies the City's investment.
The city committed $50 million of the Future Fund toward a Pan Am stadium, and upper levels of government have pitched in an additional $75 million for a total of $125 million. A 25,000 seat stadium at the CP Rail Yard is expected to cost $160 million, plus another $30-40 million to purchase the land, relocate the current tenants and remediate site contamination from decades of industrial use.
The total funding gap is somewhere around $65-75 million. This does not include the cost of a new highway 403 interchange at Main St. W. and widening of Aberdeen Ave to accommodate game-day traffic, as recommended in a traffic study commissioned by the City.
The Ticats have pledged to spend $15 million to buy part of the CP Rail Yard property to build a hotel/conference centre, but have not yet pledged any money toward the stadium itself.
In his letter, Young argues that successful stadiums rely on both automobile and public transit to get fans in and out of games in a timely fashion. He writes:
We need to ensure Stadium customers have as many options as possible, the more the better, from walking, to bicycling, to busing, to riding on a future LRT, or driving themselves and their friends to the Stadium. All of this will be possible at the CP railyards.
The current site proposal would include 2,500 parking spots next to the stadium, with another 1,500 spots available at the nearby McMaster Innovation Park lots, for a total of 4,000 spots.
Previously, the Ticats insisted that 4,700 parking spots in walking distance around the city's preferred West Harbour site would not be enough, and campaigned instead for an East Mountain location that could accommodate 6-7,000 parking spots.
Today's Spectator reports that the Ticats will present the details of their financial commitment to Councillors at the Committee of the Whole meeting on Tuesday, October 12.
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