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.