Comment 55457

By mrjanitor (registered) | Posted January 10, 2011 at 21:59:40


What if, as a last ditch effort, the city guaranteed any Ticat losses over, say $500,000, to the team under the condition that they play at the West Harbour and that a rainy day fund (a la Saskatchewan Roughriders) was introduced (so, if the team is profitable, a small percentage goes into the fund.)

A funding arrangement like this is most likely illegal under the Municipal Act section 112 (around 1989) don't know if that has changed. I went to the library today and printed some legal documents and the proposed IWS lease from 1989. The lawyers were stating that any subsidies or funding or rent under market value was illegal and that they would not represent the city due to the illegalities in the proposed lease.

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