Toronto Star

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Markham council approves massive arena
Toronto Star

Markham council voted late Thursday night to move forward with plans to borrow $162.5 million for a massive arena that could rival Toronto’s Air Canada Centre.

Council passed the resolution 11 to 2 late Thursday night, but not before Markham residents had their say in the matter.

Town officials repeatedly mentioned that Markham will raise the money through charges to developers and service fees at the arena, and not with property tax hikes.

Markham’s financial contribution of $162.5 million represents half of $325 million in construction costs for the project. The other half will be provided by a private partnership, GTA Sports and Entertainment (GTASE), chaired by sportsgear executive W. Graeme Roustan.

News that developers were considering building a 20,000-seat arena that will be owned by the town but run by a private partnership first surfaced last fall.

L’aréna de Markham sera prêt en 2014. L’aréna de Québec sera prêt en 2015.

L’aréna de Markham aura 20 000 places. L’aréna de Québec aura 18 000 places.

L’aréna de Markham sera financé en mode public-privé, la partie publique étant financée par le principe utilisateur-payeur i.e. 0% pour les contribuables. L’aréna de Québec sera financé à 100% par les contribuables.

L’aréna de Markham va coûter 325 millions de dollars. L’aréna de Québec va coûter plus de 400 millions de dollars.

Un échec sur toute la ligne pour le roi Régis 1er.