Thursday, April 15, 2010

Re: Lansdowne Stadium Reno to Cost Taxpayers $284 million

Clive, Mayor Larry,

Thank you for sending the information and link below Clive.

The main point of the deck as I understood it, and I agree with it wholeheartedly, is that our City is about to be saddled with a huge debt with very dubious returns. 

Every explanation I've read on how wonderful the OSEG proposal is reads like a Nigerian email scam with slightly fewer typos. "Send money and you will be rewarded handsomely." The idea of paying to build a new stadium for a twice dead football team sets off all the same alarm bells for me that those emails do.

Please focus my ever increasing tax bill on projects which will create true, lasting value in our city - public transit comes to mind.

Thanks for your continued service to our city.

Andrew


On Wed, Apr 14, 2010 at 4:23 PM, Doucet, Clive <Clive.Doucet@ottawa.ca> wrote:

Dear Ottawa residents,

Last week at City Hall, I hosted a press conference with Professor Ian Lee, Sprott School of Business, Carleton University and concerned taxpayer, Jean-Marie Leduc.

A few of the highlights from the press conference include:

  • Taxpayers will be on the hook for $284 million over 40 years for the stadium and stadium parking.  

  • Compare this to the $250 million needed for sewers for a clean river in the next 5 years.

  • The stadium subsidy is $6.4 million per game - the team is only guaranteed for 5 years.

  • The estimated useful life of the refurbished stadium is 40 years. 

  • You think the Lynx is a white elephant - wait for this stadium.


For more information, Professor Lee's slide presentation is available at the following link:

http://www.clivedoucet.com/wp-content/uploads/2010/04/Prof-Lee-Financing-of-Stadia-Slide-Presentation.pdf


It's not too late to change the outcome of this stadium "deal".  Write to your councillor and the mayor.

The next Council vote on Lansdowne will take place on June 23, 2010.

Sincerely,

Clive Doucet

Councillor, Capital Ward
www.clivedoucet.com


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