Comment 48366

By RenaissanceWatcher (registered) | Posted September 28, 2010 at 18:18:15

Here is a City of Hamilton website link to the report to be presented by city manager Chris Murray to Hamilton city council at the Committee of the Whole meeting tomorrow afternoon about funding the Pan Am stadium at the CP rail lands: http://hamilton.ca/NR/rdonlyres/921456FD...

To capsulize the report:

-the Ontario government is willing to commit funds, in an amount not yet specified, beyond its initial Pan Am stadium commitment;

-there is no news yet on whether the federal government will increase its funding commitment but Mr. Murray may be able to update city council at the meeting;

-the Tiger-Cats are willing to purchase part of the CP rail lands for development purposes but will not be contributing to the construction of the stadium or the parking lot;

-the Tiger-Cats are willing to operate the stadium in return for an annual administration fee and they propose that stadium naming rights funds be applied toward the operating costs;

-CP indicated that any negotiations to sell the land would include determining a price per acre plus relocation allowances for its tenants;

A letter dated September 23, 2010 from Hostco CEO Ian Troop is attached as a schedule to Mr. Murray’s report. Hostco wants a series of assurances from the city by tomorrow (September 29th) including: -a letter from the city declaring its stadium site selection; -a letter of intent to sell from CP; -confirmation that the city will pay for the relocation of CP and its tenants; -confirmation that the city will pay for the remediation of the entire property; -a document confirming that the Tiger-Cats agree with the stadium location; - a document from the city outlining a risk assessment of the property; -assurance from the city that the funding shortfall between a 15,000 Pan Am quality and a 25,000 seat CFL quality stadium has been identified.

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