: News Article:
New Arena deal agreed to by city and Katz group:mod warning #616
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05-10-2013, 03:19 PM
Join Date: Aug 2002
Originally Posted by
So you don't consider the $145M to purchase the Oilers, along with a $100M investment into the arena "not a single dime"? Yet you're parading around complaining about nickles and dimes that come from the taxpayers pothole fund it's going to take to complete it?
Your argument has always been steeped in some ulterior motive. There is no rational discourse about the arena without these hyperbolic claims such as in your post I quoted.
I have no idea what your beef is with not supporting a joint project between Katz and the City in regards to a world class arena that is a major step in modernizing the city, but I have a feeling that you've taken it personal. There is no way someone who believes themselves to be logical to engage in such illogical and emotionally fueled rhetoric.
This isn't a project that screws anyone. Katz collects the revenue to keep the Oilers in Edmonton; it has to be done otherwise this team will not be able to remain competitive. This benefits the city because it involves the community on top of a revitalization project. The increased tax revenue alone is worth it not to mention the property values that will skyrocket. The people enjoy the pride of probably one of if not the best arenas in the world that houses a team with some incredible history with an owner that's committed to winning. And all you can do is sit there and moan and complain about tax dollars this and greedy Katz that. Stop being bitter and embrace what this will do to Edmonton.
Katz is not investing 100 million into this project
Go to your banker and ask to borrow money for a commercial building and when he asks you what your equity involvement will be, tell him it will come from repayment of the loan via cashflow you earn from the new building. Circle back and tell me how hard he laughs at you.
Katz has zero interest in using any of his own money for this venture, hell he borrowed a substantial part of the purchase price from CTI.
I have no issue with this but please don't sell me garbage and tell me its a steak
And as any economist worth his salt wil ltell you, the notion that increased tax revenues from a new buidling will in essence fund the said building is a story built on sand. Any increase in tax revenue will come from A) an adjustment in assessment value that is controlled by the city (commonly referred to as a tax increase) B) at the expense of other areas of the city that will likely see a loss of property value.
Again I'm not anti-arena but I am anti-being treated like a a$$h***. CRL and long term payback of arena funds via hockey revenue are just fancy ways of saying this building will be substantially paid for by tax payers and will be done so via tax increases in Edmonton
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