Lansdowne Live: Some Taxpayers’ Financial Considerations
A bad deal for Ottawa’s taxpayers. A great deal for OSEG, the developers.
Stadiums are financial drains for taxpayers.
Shopping centres on free public land are financial bonanzas for developers.
City spends $130 million or more for new stadium, parking and some greening.
City borrows $117 million and repays $285 million over 40 years ($7.1 m annually).
No federal or provincial money for stadium or project – highly unusual.
No developers’ money in the stadium.
No mass transit. Grossly insufficient parking.
City gives away 10 acres of prime public land for $1 year for 30 years to OSEG for:
shopping mall; Cineplex; office block; 200 condos; hotel; art gallery? Value of land deemed $20 million but probably worth far more, e.g., $40 m.
Shopping mall on free land provides highly unfair competition to local businesses.