: News Article:
New Arena deal agreed to by city and Katz group:mod warning #616
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01-24-2013, 12:44 PM
No mas, Adam. No mas
Join Date: Jul 2005
Originally Posted by
Typical misleading post which does little to answer the legitimate concern. MSI is largely spoken and budgeted for with the City already locked into several projects. The city has also overdrew its annaul MSI portion already essentially to fastrack recently completed and ongoing projects. What this means is that future MSI amounts would be slightly reduced unless theres an increase in the economy. But theres more chance of a downturn in the economy.
Clearly the MSI amounts aren't likely to increase significantly or at all (May go down) and the MSI budget is presently spoken for. So where exactly is the MSI going to come from to front an arena build? At best this is a retroactive allocation. Which basically means the city is fronting the entire expenditure and that the city has to earmark its FUTURE MSI allocation mostly to the arena instead of other suitable community projects for which the program was designed. Basically robbing communities to build a downtown arena.
First of all, it would seem you are unaware of the formula of how MSI allocation is determined. It simply isn't a random number inserted into a provincial budget, and the formula is guaranteed until 2015, coincidentally when provincial money for the project is said to be required:
Each year, municipalities are advised of their annual MSI grant allocation following approval of the provincial budget.
Amounts are determined based on municipal populations, education property tax requisitions and kilometres of local roads
and include base funding for all municipalities and Sustainable Investment funding for municipalities with limited local tax bases.
That gives the city approx. $160+ million per year, and it is most definitely NOT all earmarked for capital projects up to completion of the arena project in 2015-16.
The idea that leveraging the MSI is somehow "robbing communities to build a downtown arena" is ripped right out of the pages of "How to Scare the Masses and Keep My Northland Perks" by Tony Caterina.
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