The Canadian Taxpayers Federation questions the costs and benefits of a new Saskatoon arena, using Regina's Mosaic Stadium as an example.
In Baltimore, taxpayers helped fund the $225-million Oriole Park at Camden Yards. A stadium that is home to a Major League Baseball team. Despite this, a study found only $3 million in annual economic benefits to the area.Four years ago, the City of Saskatoon’s estimate for the project was up to $178 million for a new arena and up to $88 million for a convention centre. That already exceeds the projected local benefits of the project.
In Canada, the report looks to Winnipeg, which has a five per cent tax on hotel rooms. In Ontario, some cities have implemented a tax on hotels and Airbnbs.Article contentTIF is essentially a subsidy given to an area for development. Once that project is done, new tax revenue from that area is supposed to be diverted to paying back that subsidy, with little or no net costs. Or at least that’s the idea.
This proved to be wishful thinking and the province ended up writing off $200 million on the backs of taxpayers. • The maximum length for an article is 650 words and we will consider shorter works of about 500 words.• Please include a line after the article briefly summarizing your relevant credentials or background. Also, be sure to disclose any personal involvement or conflicts of interest pertaining to the subject matter.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
A new Texas bank blacklist is costing taxpayers millions of dollarsHow much does it cost to blacklist America's biggest banks? Ask Texas.
Read more »
Gordon Pinsent, award-winning Canadian actor, dies at 92Gordon Pinsent, an award-winning Canadian actor acclaimed for his performance as a heartbroken husband in the film “Away From Her,” has died at 92.
Read more »
Gordon Pinsent, award-winning Canadian actor, dies at 92Gordon Pinsent, an award-winning Canadian actor acclaimed for his performance as a heartbroken husband in the film “Away From Her,” has died at 92.
Read more »
LevelK Boards Canadian Family Film Adventures in the Land of Asha (EXCLUSIVE)LevelK has boarded “Adventures in the Land of Asha,” a Canadian family film which marks the feature debut of Sophie Farkas Bolla. The film is produced by Hany Ouichou (“I’ll End U…
Read more »
Canadian GDP Preview: Forecasts from six major banks, economy cooling, but not stallingCanada will release the fourth-quarter Gross Domestic Product (GDP) data on Tuesday, February 28 at 13:30 GMT as we get closer to the release time, he
Read more »
Warm Canadian winter threatens Algonquin ice-fishing traditionsMost winters, at least once a week, Mike Diabo will snowmobile to the shores of one of his local lakes in southern Quebec, carry his fishing gear across the frozen surface, and drill down through the ice to reveal the dark water beneath.
Read more »