Here is that jaw-dropping article from this morning.
Bigger stadium, bigger costs
The Hamilton Spectator
(Jan 23, 2009)
"We can't go beyond what is required for the Games"
in terms of financing, she [bid president Jagoda Pike] stressed.
Pike noted that plans "grander" than Pan Am needs
will have to find other sources to cover extras.
If Toronto 2015 budgets only $100 million for a track and field facility,
Hamilton's bill for a larger stadium would rise dramatically.
The bid corporation would pick up 56 per cent of the capital cost, or $56 million.
The city would have to pull together the remainder
for the proposed $150-million showpiece, $94 million.
That financing would have to come from a combination of city
and other government funding as well as a private-sector component,
including the Hamilton Tiger-Cats.
Team owner Bob Young said it's too early to determine what
the football franchise and other businesses can bring to the table.
Stressing site selection is critical to bringing businesses onside,
Young said, "You want to look at things like
a hotel, shopping and hosting entertainment events."
Young said he could live with
playing at the badly declining Ivor Wynne as long as the city maintains it,
but feels a new stadium located in the right spot could be a symbol of a new Hamilton.
"Stadiums are great gathering places. Where else can you get 25,000 people
sharing the experience, whether football or track or a rock concert?"
Part 2 one hour ago
Ontario slashing budget for 2015 Pan Am Games bid
McGuinty blames economic woes
January 23, 2009 Maria Babbage
The Canadian Press HAVELOCK, Ont.
*Premier Dalton McGuinty says Ontario is slashing the budget
for its 2015 Pan Am Games bid by $300 million because of the economic downturn.
- The original budget was $1.77 billion, with $500 million coming from the
federal government and the Ontario government promising to invest $621 million.
When McGuinty made the formal bid presentation in Mexico in October,
he said new Olympic-sized swimming pools, a competitive cycling velodrome,
plus track and sports training facilities would all be built if the bid is successful.
Then they claim some crap about today's economic downturn
being the reason they are cutting back, when, in actuality,
much of the money will handed over in the years when
this downturn may have passed, 2011, 20012, 2013 2014 etc.
Today's economic downturn is the very reason they should prime the pump
on a project like this to provide the economic stimulus this province needs.
This flip flop doubles the money that Hamiton has to put in.
* Ontario’s lack of high-level facilities has been blamed for the
shrinking number of provincial athletes who make Canada’s Olympic teams.
Ontario residents used to comprise more than half of the
country’s Olympic teams, and now it’s less than 25 per cent.
The Pan Am Games bring together athletes from 42 countries
across the Americas and the Caribbean every four years.