Comment 69046

By Biloxi (anonymous) | Posted September 04, 2011 at 19:18:25

Sigh and Sigh again:


Councillor Whitehead: "We also know that the City of Hamilton's original financial commitment towards the Velodrome is $5 million. In addition, Staff recommended in the report that for us to go forward with the permanent Velodrome, it must be conditional on receiving $500,000 from the Pan Am Legacy Fund on an annual basis into perpetuity."

Mystoneycreek: "I was there at the GIC and Mr. Troop was adamant on several occasions that the $70m Legacy fund's interest (guesstimates are in the neighbourhood of $1.5m/year) would be split between three facilities, with one of these being the velodrome."

Mystoneycreek (again) "So between $1m and $2m in interest will be doled out by the PanAm Games Legacy Fund. In perpetuity"

Mysotneycreek (yet again): "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."

So, even your numbers are somewhat fluid...because nothing can be guaranteed. I am NOT splitting hairs, but the request by the city/councillor was firm....$500G's had to be guaranteed. That is the essence of the position. Splitting far less is far less than the demand. And if you think that the money will be split evenly, think again as to what has been the city's focus.


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