Music: {allcanada} Report: Markham arena plan could be dead

Sunday, August 18, 2013

{allcanada} Report: Markham arena plan could be dead

Jack Heath, deputy mayor of Markham, ON and originally a supporter of the proposed GTA Centre arena, has reportedly put forward a motion to kill the financial framework for the 20,000-seat rink.

With speculation that the NHL will expand to Seattle and Quebec City, Heath is under the impression that the need for a franchise in the Greater Toronto Area is far from a top priority for the league.

"When you add it all up, a second franchise for the GTA is not a priority," Heath told the Hockey News. "I have no interest in duplicating Copps Coliseum."

Heath will present it to Markham council Sept. 17, with a vote coming a week later.

The financial framework would see Markham borrow $325 million. The private partners behind the project would repay half of the loan ($162.5 million) and the city would pay off the other half through levies on developers.

Former Bauer chairman Graeme Roustan is leading the charge of a group of private investors.

It's believed that Roustan could come to council with a new framework where he would pay his half of the cost up front, saving the city from having to borrow $162.5 million for the project.