The present value of these future annual payments is $316 million using The City’s cost of borrowing as a discount rate.
This just shows how bad a deal this is. I’m surprised they published this number.
The section asking if this was a better deal than the previous one tells you all you need to know about how bad this deal is.
joustswindmills
A couple of my thoughts:
>Is this a better deal than the last one?
>This agreement is a different agreement than the last one.
that means no.
>The report released in January 2019, states up to 4,750 full-time jobs could be created during the construction phase of the district, with an additional 1,536 permanent jobs created once the new facilities are open.
interesting use of full-time v permanent. how many hours is permanent? are the ushers at the game for maybe 10 hours a week considered Permanent?
> and a community rink for public use
who gets first dibs at renting it? Will SHHL, NCHL, etc be able to rent it out before the Flames, Wranglers, Hitmen? what about community teams? what are the odds that a 12 year olds tournament or game or practice will be able to use it when one of CSEC’s teams wants a practice, or a visiting team?
>If cost overruns occur – how will they be funded?
>Both CSEC and The City will share cost overruns.
Major win for Edwards
I want to know who gets revenue from concerts, conferences, parking, etc.
Thumper86
Just for reference, and I know CSEC != Murray Edwards, but just for funsies:
He is worth about $3.5 billion CAD
Paying $40M up front and ~$17M per year thereafter.
This is equivalent to you, a hardworking Calgarian who has saved $100k over the years, laying out a cool $1,200 the first year and $485 each year thereafter (~~about the cost of a cable TV subscription~~ my math sucks, its actually around the price of…. buying a large Tim Horton’s coffee every weekday, for the recurring payments. Escalating at a rate less than inflation, natch).
Yes. This is more than just a hockey arena. It will be a huge public project with large public benefit for the city. That doesn’t change the fact that its a massive handout to a private corporation that stands to reap immense profits from its construction.
3 Comments
The present value of these future annual payments is $316 million using The City’s cost of borrowing as a discount rate.
This just shows how bad a deal this is. I’m surprised they published this number.
The section asking if this was a better deal than the previous one tells you all you need to know about how bad this deal is.
A couple of my thoughts:
>Is this a better deal than the last one?
>This agreement is a different agreement than the last one.
that means no.
>The report released in January 2019, states up to 4,750 full-time jobs could be created during the construction phase of the district, with an additional 1,536 permanent jobs created once the new facilities are open.
interesting use of full-time v permanent. how many hours is permanent? are the ushers at the game for maybe 10 hours a week considered Permanent?
> and a community rink for public use
who gets first dibs at renting it? Will SHHL, NCHL, etc be able to rent it out before the Flames, Wranglers, Hitmen? what about community teams? what are the odds that a 12 year olds tournament or game or practice will be able to use it when one of CSEC’s teams wants a practice, or a visiting team?
>If cost overruns occur – how will they be funded?
>Both CSEC and The City will share cost overruns.
Major win for Edwards
I want to know who gets revenue from concerts, conferences, parking, etc.
Just for reference, and I know CSEC != Murray Edwards, but just for funsies:
He is worth about $3.5 billion CAD
Paying $40M up front and ~$17M per year thereafter.
This is equivalent to you, a hardworking Calgarian who has saved $100k over the years, laying out a cool $1,200 the first year and $485 each year thereafter (~~about the cost of a cable TV subscription~~ my math sucks, its actually around the price of…. buying a large Tim Horton’s coffee every weekday, for the recurring payments. Escalating at a rate less than inflation, natch).
Yes. This is more than just a hockey arena. It will be a huge public project with large public benefit for the city. That doesn’t change the fact that its a massive handout to a private corporation that stands to reap immense profits from its construction.