HALIFAX — The business group that wants to build a 24,000-seat stadium for a potential CFL franchise in Halifax has updated its proposal after the idea was nearly quashed by regional council last month.
Schooner Sports and Entertainment (SSE) says in a news release that newly proposed changes would reduce the risk to the municipality through an option for a new stadium ownership model.
The group says it also clarifies how the municipality would fully recoup its annual contribution with the potential for profit sharing.
The revised proposal would see SSE contribute tens of millions of dollars towards stadium construction, fund all ongoing capital expenses, be responsible for all operational expenses regardless of who owns the stadium, repay the municipality’s full annual contribution and share the excess surcharge profit with the city.
The original proposal outlined various funding options including one in which the municipality would make an upfront payment of 15 to 20 per cent of the project’s cost.
Last month, regional council voted by a margin of nine to eight against a motion brought forward by Coun. Sam Austin that would have killed the proposal on the spot.
This report by The Canadian Press was first published Nov. 15, 2019.
The Canadian Press