I can’t believe we’re spending hundreds of millions on an arena to subsidize literal billionaires. Totally absurd
this post was submitted on 18 Jun 2023
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The owners could buy the whole thing and not even notice the difference. Sigh.
We could have taken the naming rights to a building we own. That alone would have paid for the building over 30 years, hell even overuns. Toronto got $800M for 20 years, and that was like four or five years ago, naming rights are worth more now.. Calgary ain't Toronto, but the rights will likely sell for $300-500M, on shorter term. Let CSEC have everything else, everyone wins. But no, amateur hour down at CCC. Looks good on em, CSEC did a helluva job here, they got some smart folks. They get pretty much a free building, no taxes due, no ticket tax, first rights on prime development lands, and they protect all their revenue streams. It's so one sided it almost begs one to wonder what is actually in it for the city.
The fact they think it's reasonable, shows they have zero idea what they are doing. The CSEC ownership and management group does business deals day in day out, day after day. The city pretty clearly chose to go this one alone, without any sort of professional guidance and consultation. And we all suffer.
I certainly won't be voting for the mayor OR my councillor at this next election. But that's all I can do...
This deal gets worse and worse wtf...
Yeah it does seem.....questionable, lol.