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the winnipeg sandbox » winnipeg sandbox.. » politics... » Province confirms funds for downtown residential complex

Province confirms funds for downtown residential complex

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Guest


Guest

The city will still receive tax revenue from the Polo Park development (or vacant land) but the money from a sale will go to the debt owed to the Province.

Deank

Deank
contributor eminence
contributor eminence

nope.. not if asker fails to deliver. if that happens AND if someone else decides to develop then all the tax money goes towards paying off the loan.,

Guest

Anonymous
Guest

Is that til 2016? Then the city can fight for the tax money?

As an aside. Is this deal set up as a "bullsh1t baffles brains complicated deal" so as to fool people like Selinger (and me)?

Deank

Deank
contributor eminence
contributor eminence

no..ASKER has until 2016 to make the deal work ( and the city has said they dont sell to asker until proof he has financing to pay off the loan thankfully )

If asker does not make 2016, then the city is free to sell to whomever they want and then any tax revenue generated after that goes towards the stadium loan.


Best Guess.... Creswin balks ... city sells, Creswin wins the bidding war for the land the following year and only has to fund an extra 20 million in purchase price instead of 90+ million in loan. AND Asker gets to keep his seat on the board and is probably the chairman by that time

JT Estoban

JT Estoban
major-contributor
major-contributor

Sounds like Dean's got the whole stadium deal figured out...

Guest

Anonymous
Guest

Sounds like it.

Wow...does this deal stink.

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