When last we checked in on the Edmonton Oilers‘ $676 million arena plan a little over a year ago, owner Daryl Katz was about to break ground, despite a lingering $50 million funding gap thanks to putting a line item in the budget marked “put a bunch of money from province here.” Arena construction is now well underway — lookit! — and a source has been found for the money that Alberta will still not be providing. Care to guess who? Everyone guessing “Daryl Katz” can put your hands down:
The city is preparing to pay an additional $32 million toward the downtown arena because money expected from the province hasn’t materialized.
Okay then! For those scoring at home, I think that’s now $311 million that the city of Edmonton has agreed to kick in for the arena project, which is a whole mess of loonies.
The good news, such as it is, is that the TIF district (CRL district in Canadian) created by the city to kick back taxes for use on the project is bringing in revenue faster than expected, meaning the city’s “just assume lots of revenue and hope it comes in” plan might actually work out. Of course, that’s revenue that now can’t be used on providing services for all the new development in the CRL district, or anything else the city might have wanted to use it on in the absence of an arena, but at least they won’t have to sell any hospitals.