Quote:
Originally Posted by Riise
While it will save CSEC money, it is nowhere close to being financially prudent for the City.
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Huh, how do you figure?
It's a fact that there are significant synergies gained by combining the facilities (approximately 30% cost savings). Calgary is in need of a new stadium, arena, and fieldhouse regardless.
- Renovating McMahon is foolish to begin with, but we can conservatively estimate a minimum reno cost of $150 milion. Even after reno, we are left with a second rate stadium with a useful life of 25-30 years.
- The cost of a standalone arena becomes inflated, likely to $480-500 million, resulting in a shortfall over the $450 million that the Flames are putting up.
- Plus an additional $200 million for a freestanding fieldhouse.
- In addition, we do nothing to solve the problem of having a blighted area adjacent to downtown leeching creosote across the river. The McMahon area is also a great site for TOD redevelopment that could be used to help finance the new project.
All of this versus a public investment of $200 million and a CRL loan that will be paid back.