Comment 69038

By mystoneycreek (registered) - website | Posted September 04, 2011 at 12:51:30 in reply to Comment 69009

Mystoneycreek, what is it about the councillor's and city's request for a 'guaranteed' $500Thou per year don't you understand? So, if PanAm comes across with $50,000, you are ok with it? or $100thou? or how about ten bucks?

The point is that council is asking for a sum which will NOT be given and it gives them an out when they say no. Is that unconidtional support for the velodrome? Hardly! It isn't even tepid support.

sigh

I understand everything about the request; I was there on Monday, I got the full context of the GIC meeting. (And paid for it with a numb bumb.)

For the final time: there's a $70m PanAm Games Legacy Fund. The three main pieces of construction, of which the velodrome is one, will draw the yearly interest. At 1.5% per year, that's just over a million bucks to be divided amongst the three. I'm sure you can do the math.

Is the actual amount 'guaranteed'? No. Will there be a massive amount to be divvied-up each year? Yes. Has this entire situation been botched? Beyond reckoning or argument.

As I've been saying for the longest time...there's a stage production in there somewhere...probably a musical farce.

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