Category: Press Releases Published on Friday, 27 April 2012 01:24 Written by Frank Scarpitti
Markham Council approved late today the financial framework, and a proposal from a Private Sector Group, to partner on a world class sports, entertainment & cultural centre (“Centre”), with approximately 20,000 seats (665,000 sq ft), to be located in Markham Centre. The Centre is to be located on an approximate six acre parcel of Markham-owned land, west of the Unionville GO station, and on the north side of 407.
Under the approved financial framework Markham will own the Centre and there will be no property tax impact to Markham residents.
“Markham Council’s decision to approve the financial framework and partnership for the Markham Sports, Entertainment and Cultural Centre represents the significant first step in bringing the new Centre to Markham,” said Markham Mayor Frank Scarpitti. “While there are many more steps and public consultations to follow, this is a very exciting development for Markham that promises to bring a world class venue for sports, entertainment and culture. Not only will the Centre provide a state-of-the-art facility for professional events but also one which will incorporate a number of community uses.”
“We are beyond pleased that Markham has decided to continue this partnership and will work with us to finalize an agreement on the construction of this facility,” said W. Graeme Roustan, Chairman and CEO of GTA Sports and Entertainment. “This is a great day for Markham and for the GTA.”
The $325 million Centre will create 600 construction-related jobs and almost 1000 permanent and part-time related jobs once the Centre begins operating. Through the approved financial framework, the Private Sector Group will fund 50% of the construction, and will be responsible for any capital cost overruns, and operating and maintenance costs. Markham’s 50% will be funded through Centre revenues and future development.
“Now that we have an approved financial framework staff will continue our due diligence and negotiations on this unique opportunity,” said Markham CAO Andy Taylor.