Markham town council has approved a partnership and financial framework for a new $325-million sports and entertainment complex. Council approved the proposal 10-2 shortly before 11:30 p.m. Thursday night. No taxpayer money would be used in the proposed financial structure, said a spokeswoman for GTA Sports and Entertainment and its chairman and CEO Graeme Roustan. The financial arrangement would see half of the cost paid by GTA Centre, LP, while the other half would be funded by local developers via payments to the town to service the debt, the spokeswoman said. This was the second time town council has met in public to discuss the proposed NHL-sized arena. GTA Sports and Entertainment is hoping to build a 20,000-seat venue at Highway 407 and Kennedy Road, with plenty of speculation it may one day be used in an attempt to lure a second NHL team to the region. Developers insist the plan does not depend on bringing a second NHL team to the GTA. The suburban venue would rival the Air Canada Centre in downtown Toronto because it would accommodate large crowds for sporting events, concerts and other special events. Developers have already expressed an interest in bringing the lucrative world junior hockey championship to the complex. The annual tournament, featuring the world's top hockey prospects, generated an estimated $85 million in revenue for co-hosts Edmonton and Calgary when it was held over two weeks last December and January. Via CP24 Asif Khan, ABR
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Posted via email from Markham Real Estate Today with Asif Khan
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