Details of stadium deal revealed in city report

Hey there, time traveller!
This article was published 14/12/2010 (5427 days ago), so information in it may no longer be current.

WINNIPEG – The Winnipeg Football club has five years to pay off the first $15 million of its $85-million stadium-building loan from the province – and can do so without paying any interest, according to a report that comes before city council Wednesday.

The deal to complete Winnipeg’s new football stadium calls for the province to front most of the $190-million cost of building a new 33,000-seat stadium at the University of Manitoba. The province plans to recoup about $85 million from the Winnipeg Blue Bombers.

The club will have until 2016 to pay back the first $15 million, interest-free, according to the report. Then in 2017, the club will have 40 years to pay back the remaining $70 million, with interest, the report states.

The City of Winnipeg won’t be responsible if the club fails to live up to its commitments, the report states.

The city, university and football club are creating a new corporation called BBB Stadium Inc. to own the new new stadium. All three entities – plus the province – will appoint one director to the corporation’s new board.

The City of Winnipeg’s appointee will be deputy chief administrative officer Phil Sheegl, the report states.

The report will come before a special meeting of executive policy committee at 9 a.m. on Wednesday and then come before council itself.