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09-19-2012, 04:37 PM
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Originally Posted by smackdaddy View Post
This is not just an arena. I don't know how many times I have to make that clear. If it's just the arena we were talking about here it would have been covered by the $170M that Katz has invested in ($70M in land acquisition and the committed $100M for the arena). Where the problem lies is in the external necessities that are imperative to ensure the success of a revitalization including the office towers, condos, etc. These additions benefit Edmonton and its citizens directly and that's why the city has been asked to jump in with construction costs (Which will be paid for by the levy).
That's totally incorrect. The $450 million is just for the rink not the arena district. The City has already bought the land back from Katz, that cost is on top of the $450 million. The $100 million Katz has committed will be paid over 30 years. He's putting nothing into the arena up front.

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