What do you think of this project?

  • Total voters
    54
While the proposal includes a broad range of projects, from transit infrastructure and attainable housing incentives to the Winspear Centre expansion, the two OEG-related projects, a $250-million event park and infrastructure for the Village at Ice District, divided council and the community.
edmontonjournal.com

Edmonton council extends Downtown CRL, ending two days of council, community debate

The extension of the CRL allows the city to borrow against future tax revenue until 2044, funding major revitalization projects in the city’s core.
edmontonjournal.com edmontonjournal.com
 
edmonton.taproot.news

On the agenda: Surplus, capital budget, Winspear parking

This week, council is set to receive an update on the operating and capital budgets and discuss a potential parking revenue agreement with the Winspear Centre.
edmonton.taproot.news edmonton.taproot.news

So if I'm understanding this correctly:
  • The City loaned $12.9m to the Winspear for constructing a parkade in 2014, to be paid back (at least partly?) via parking revenue
  • The City then put the main boiler for the district energy system within the Winspear expansion, in exchange for doing so, the City agreed to (potentially) share revenue from the Century Place Parkade, despite the fact they want to sell Century Place and this could hamper market interest in the asset
  • The parkade for some reason (value engineering? district energy system taking away space?) has less than half the stalls than originally planned, while also still not being open 11 years after getting the loan from the City
  • The parkade is now expected to produce less parking revenue than expected, due to the less stalls, which will inhibit the Winspear's ability to pay back the $12.9m they owe the City
  • The City is now mulling either spending another milly in security upgrades for Century Place parkade in order for the Winspear to feasibly use it, or just shovel the Winspear a $5m payout, while admitting they have no legal obligation to do anything
Again, I am very happy for this expansion getting done, but good lord this just continues to be such a neverending fiscal black hole mess of a project
 
Well I'm not suggesting there should be any handout to the wind spear but on the flip side of that a fully operating and busy Winspear Center will definitely improve the area as it will bring many more people to the area which hopefully can encourage other parts of the quarters to start to develop further.
 
Edmcowboy11 said:
Well I'm not suggesting there should be any handout to the wind spear but on the flip side of that a fully operating and busy Winspear Center will definitely improve the area as it will bring many more people to the area which hopefully can encourage other parts of the quarters to start to develop further.
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If the Winspear hasn't spurred development in the Quarters to date, I don't think this new expansion will suddenly be the driver. People need basic necessities and safety to want to live in a neighbourhood, not an improved music and concert hall. I say that as someone who frequents the Winspear and loves the place.
 
inclusion said:
If the Winspear hasn't spurred development in the Quarters to date, I don't think this new expansion will suddenly be the driver. People need basic necessities and safety to want to live in a neighbourhood, not an improved music and concert hall. I say that as someone who frequents the Winspear and loves the place.
Click to expand...
I didn't realize that the main purpose of this expansion was to spur development in the Quarters. I thought it was for an improved music and concert hall.
 
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