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05-15-2013, 12:45 PM
  #100
Halibut
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Quote:
Originally Posted by The Big Unit View Post
I think what often gets lost in the arena discussion is that the project that's being debated isn't only a hockey arena for Katz and the Oilers. It's building an arena district that's supposed to contain hotels, office towers, condo towers, and a winter garden (whatever the **** that is). Essentially it's an attempt by the city to use what is currently empty land in a prime location and turn it into a property tax generating machine for the city. Land values downtown will rise as a result of this project and they hope the spinoff is more development of the downtown core, making it a more attractive place to do business and even more property tax money coming in. If you think that the city won't make their money back you're dreaming. It just won't happen within a few years because municipalities are forced to take a long term view and they believe this will be a net positive in the long run. I realize part of this is also a legacy project for Mayor Mandel but it's not going to be the money loser many people think it is. The spinoff effect of building a project of this magnitude is just as important for the city as the project itself.
No it's not. Those things are ancillary to the arena being built and will have their own costs associated with them. All the things you project about growth in property values and the rest are taken into account by the use of the CRL. The city has budgeted an amount equal to what they expect to gain based on the project but the $55 million short fall takes them above that number.

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