LIVE BLOG: Council votes today on new stadium

Hey there, time traveller!
This article was published 28/04/2010 (5973 days ago), so information in it may no longer be current.

WINNIPEG – City councillors will vote today on the controversial, and complicated, plan for a new stadium at the University of Manitoba.

The proposal is expected to get council support, with only Transcona Coun. Russ Wyatt saying he’s opposed to it.

The stadium deal will see the province loan the Winnipeg Football Club $90 million. Creswin is putting in $10 million and the province will add another $15 million in a straight grant.

The Asper family development company, Creswin Properties, will build the $115-million stadium, and David Asper will get a chance to take over the football club if, and only if, he can repay $75 million of the government loan. The football club is responsible for the other $15 million, which it expects to cover through the sale of naming rights and Grey Cup revenues.

Asper expects to find his $75 million by buying the old stadium site for $30 million and developing a high-end retail development on the site.

But observers wonder whether Asper’s development plans will come up against reality — not many high-end retailers think it’s time for expansion to Winnipeg and some of those willing to consider the Prairie city are most likely committed to the new IKEA site.

Mayor Sam Katz has vowed not to sell the old stadium site to Asper until he can demonstrate he can repay the $75-million loan, which likely means Asper will have to have signed deals in place with retailers.

If Asper can’t get into the deal, the province will collect on the loan by keeping the property taxes generated from whomever buys the old stadium site until the debt is paid off.

Later this evening, the Board of Adjustment will hold public hearings on the stadium construction project.
 

 * * *

Follow city hall reporter Bartley Kives as he Twitters during the city council meeting Wednesday at 9:30 a.m.