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8/13/2019 Event Centre Program - Thunder Bay, 2012
1/1
The ongoing discussion to replace the Fort
William Gardens has gained significant
momentum in the past three years.
The consulting team, using a broad-based
Site Evaluation Matrix, is recommending the
Downtown/Waterfront site because it offers the
greatest short- and long-term benefits, and is
solidly anchored in a downtown core, a trendthat is becoming the norm in other mid-size
Canadian cities.
Overall, the development and operation of the
Event Centre is concluded to impart substantial
benefit within Thunder Bay, including:
$148.3 million to $149.4 million in total
economic benefits (direct and indirect
impact) during the construction of the
facility, along with between $79.0 million
to $79.6 million in employment income
growth, 1,120 to 1,130 person years of
employment, and $17.2 million to $17.4
million in direct tax revenue to the federaland provincial governments.
$10.8 million to $16.8 million in annual
economic benefits (direct and indirect
impact) during the facilitys operations,
including $4.6 million to $5.4 million
annually in employment income growth,
265 to 380 person years of employment
annually, and $3.4 million to $4.6 million
annually in direct tax revenue to the federal
and provincial governments.
In addition, the operation of the Spectator
Arena and Conference Centre components are
estimated to attract numerous new events,
along with conference delegates and other
visitors to Thunder Bay to attend the various
conferences, meetings, trade shows and
spectator events held at the Event Centre.
Hosting such events is projected to result
in approximately $6.1 million in new visitor
spending within Thunder Bay annually, as well
as assist the City in enhancing the revenues it
receives from its North Core Parkade, where
an additional $91,800 to $129,600 in annual
revenue is projected.
RECOMMENDED SITEThe Downtown/Waterfront:
scored higher in the Site Evaluation Matrix
(79.7 compared to 63.1 for Innova)
is consistent with general consensus that
Downtown North is the entertainment district
or precinct
will be a critical element in the transformation
of the historic downtown Port Arthur, similar
to many precedents in both Canada and the
United States
combined with Prince Arthurs Landing, will
create a unique synergy as a destination for
residents and visitors and attract national
and international attention
PROJECTED COST
Event Centre Facility including
site works & pedestrian overpass $92.6 million
200-stall Parking Structure 7.2 million
Facility fit up including public art
& relocation of Hydro substation 6.3 million
TOTAL PROJECTED COST $106.1 million
PROPOSED FUNDING
Citys Renew Thunder Bay (RTB)* $33.0 million
Parking Structure Debenture 2.4 million
Federal & Provincial Governments 55.7 million
Private Equity 15.0 million
TOTAL CAPITAL FUNDING $106.1 million
*$25 million is in place in RTB Reserve Fund
WHATS NEXT?Subject to Councils approval of the Phase 2 Feasibility Study on November 26, the proposed
next step will see the development of a Project-Ready Plan including detailed facility plan
and financial/business plan (Phase 3).
Proposed Phases Anticipated Timing
Phase 3 - Detailed Facility Development and
Financial Plan/Business Plan [Project-Ready Plan] 2013Phase 4 - Confirmation of Funding and Business Partners 2013-2014
Phase 5 - Detailed Design and Construction 2014-2016