Public Funding for a CFL Stadium: Worth the Risk?

Public Funding for a CFL Stadium: Worth the Risk?

The Atlantica Party believes that no public funds should be put towards a CFL stadium in Shannon Park. A private funding model should be considered first, where the risk of the project is borne entirely by private interests.

A new stadium presents the city of Halifax and the Province of Nova Scotia with great potential. It presents us with not only opportunities for a national sports team, but also accompanying jobs and other economic spin-offs. It could also contribute to the growth of youth sports organizations, which would be a positive public health development.

Preliminary estimates range from $170 to $190 million[1]. Comprehensive funding formulas are unavailable to the public at this time. A public funding option could mean millions of dollars in additional debt per year for not only the City of Halifax, but also for the Province of Nova Scotia, should the province be involved. Nova Scotians are concerned with the use of taxpayer funds and the impact of public funding on tax increases that could negatively impact various industries by further increasing municipal taxes.

A privately funded model should first be proposed to the City of Halifax before any consideration of provincial funds is made. Any proposed privately-funded model should consist of a large majority stake in the project.

 

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[1]https://www.thechronicleherald.ca/news/local/cfl-investors-reveal-preferred-halifax-site-public-funding-ask-254131/(The Chronicle Herald, October 26, 2018)