The CFL expansion team for Halifax that was first rumored last year — okay, not really “first,” as this has been the subject of rumblings for decades, but first this time around — took a major leap forward, at least in terms of media coverage, on Friday as the Halifax Regional Council posted a document laying out the basics of a stadium financing plan, which would entail:
- a 24,000-seat stadium, to be built at a cost of $170 million to $190 million, which would cost $9 million to $10 million in annual debt service;
- the city getting permission from the province of Nova Scotia to “contribute
financially to the debt financing of a stadium through a Tax Incremental Financing model or otherwise”;
- the province kicking in some money as well, with possible sources being a hike in hotel taxes or the imposition of a car rental tax;
- the proposed team’s owners, Anthony LeBlanc (yes, the former Arizona Coyotes owner), Bruce Bowser, and Gary Drummond, would purchase land in Shannon Park, a former Navy barracks site across the harbor from Halifax in Dartmouth, from the federal Canada Lands Company for an undisclosed sum.
Needless to say, there’s a lot of hand-waving involved here. Would a football stadium in use for only nine home games really generate anything significant in terms of tax increment, which relies on increased spending in the area around a development? How much money would come from a TIF, and how much from provincial car or hotel taxes? Would the team chip in any money up front, or at least pay rent to defray the public costs? Would they pay fair market value for the Shannon Park land? Would they pay property taxes? Who would get any naming rights money? Who would pay for cost overruns and maintenance and operations? And what would the stadium’s neighbors — one bit of Shannon Park is currently owned by the Millbrook band of the Mi’kmaq first nation, and another by the Halifax regional school board — think of having this project visited upon them?
The Halifax regional council is set to meet tomorrow to vote on opening negotiations over a Shannon Park stadium plan, but it seems unlikely that we’ll get more details then about any of the above. Which is a shame, as I’m dying to call this “the worst disaster on the Halifax waterfront since 1917,” but I really should wait for confirmation of how bad it would be before saying something like that.