Rick Osentoski-US PRESSWIRE
The City of Markham will be voting Tuesday night on a financing plan to construct an NHL-sized arena.
The City of Markham, Ontario, is expected to vote on Tuesday night to approve a financing plan for a $325 million, 20,000 seat arena.
The meeting will debate whether to use public funding to help construct the NHL-sized arena, which would be placed on a vacant lot near Highway 407 and Kennedy Road. If the arena is built, it is believed that the city could potentially become the home of a future NHL franchise, whether it comes via relocation or expansion.
However, no such plans have been detailed as of this time.
Under the proposed terms of the plan, the City of Markham would borrow $325 million, with the private partners behind the project (GTA Sports and Entertainment) repaying half the loan over a 20-year time frame and the city repaying the other half through levies on developers and ticket surcharges.
The group proposing the GTA Centre is highlighted by former Bauer Performance Sports Ltd. chairman Graeme Roustan and developer Rudy Bratty, a senior executive with The Remington Group, Inc.
In addition to voting on the finance plan, the City of Markham is also expected to vote on investigating the background of the private partners, which is directly related to Roustan's questionable business dealings in other arena projects in the United States.
In two instances, companies Roustan was associated with were involved in civil judgements on grounds of fraud.