The Canadian Taxpayers\u0027 Federation urges Saskatoon city council to be transparent with residents about the risk in financing a new arena.
It’s a subsidy given to an area for development. Once that project is done, new tax revenue is supposed to be diverted to paying back that subsidy, with little or no net costs. Or at least that’s the idea.of the arena say that it will spur economic growth in the city, so it will have no problem paying back the subsidy — some facts say otherwise.
And you don’t have to look very far to find an example of this going wrong for taxpayers. A similar strategy was used to finance the Blue Bombers’ 10-year-old stadium. A tax increment financing zone was set up at the old stadium’s site in suburban Winnipeg. In 2018, Saskatoon’s estimate for the project was up to $266 million to build a new arena and convention centre. With inflation and government’s tendency to go over budget, these estimates are bound to increase.estimate for its new arena was $550 million in 2019. By the time the deal was inked this year, the cost had more than doubled to $1.2 billion.
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