Markham council approves controversial financing plan for NHL-style arena
Posted January 30, 2013 6:04 am.
This article is more than 5 years old.
After several hours of debate, Markham city council approved a financing plan that includes the use of taxpayers’ money to build an NHL-ready arena early Wednesday morning.
The project passed by a razor-thin margin — a seven to six vote that happened around 3 a.m. after eight hours of debate. Those opposed to the use of public funds packed the council chamber and dozens of people signed up to speak at the meeting. Councillors voted against a motion that stated taxpayers’ funds shouldn’t be used for private commercial interests related to the arena.
The proposed 20,000-seat arena is expected to cost $325 million to build. The funding plan voted on Wednesday morning will see the city borrow the money to construct the complex and private partners would pay back their share over 20 years through development fees and ticket surcharges, 680News reports.
Markham Mayor Frank Scarpitti says part of the city’s investment in the arena will come from a special levy of $5,000 on each new home and $2,000 on each new condominium built in Markham over the next two decades.
While there are no plans for an NHL team to come to Markham, Scarpitti insists the new complex will attract cultural events, concerts and trade shows. He says the centre will create 1,600 jobs and $60 million in economic activity.
With files from Kevin Misener, 680News
