Post by razorsedge on Oct 1, 2009 16:23:52 GMT -5
Thanks to the recession, looks like the Bombers will have to play in the current stadium for another year.
blueandgold.ca/index.php?option=com_content&task=view&id=52&Itemid=3
Fan Letter from David Asper
Dear Fans,
In April, when we signed funding agreements with government, I said I’d get back to you this fall with an update on our progress. It’s fall, and here I am.
To get right to the point, we have made pretty significant progress these past few months but not enough to get construction underway this fall as we had originally hoped. As a result, the Winnipeg Football Club has granted us a 12 month extension which has been endorsed by all of our partners in government and at the U of M.
Why the extension? It comes down to the amount of taxpayer funding available to build our new stadium. That’s because the only way to make this private-sector led funding arrangement work is to construct a separate economic engine capable of generating the necessary revenue to support both stadium and football operations. Hence, Creswin is buying the land, at fair market value, at the current stadium site and developing a jaw-dropping new retail destination.
Unfortunately, by time we signed our funding agreements allowing us to finally get down to leasing space in this retail development, we were in the middle of the largest recession since the Great Depression. And, while Manitoba has been largely immune from its effects, our target retailers in the US have been hit very hard.
So I was left with two choices – start construction of a half-baked stadium right away OR wait for the economy to improve so we could land a great collection of retailers that would allow us to fund and construct a world-class stadium. From the outset, I said I wanted to do it once and do it right so I hope you’ll agree with my decision…even though it means asking you for a little more patience. Trust me, no one is more disappointed or frustrated than me.
In fact, if you go way back to the start of this nearly three year journey, had our first plan for the new stadium at Polo Park received the required government funding, we would already be playing in a new stadium and the associated revenue would now be flowing back into the public treasury. Since then, Saskatchewan, Ottawa and possibly Hamilton are all making substantial progress toward new facilities…which will almost exclusively be funded by taxpayers.
All this said, I am still very pleased that we’ve made some significant progress on the retail side and have, in fact, signed letters of intent with two large US-based anchor tenants. This is a major step forward and I invite you to check our plans for The Elms Collection of fine fashion retailers at www.TheElms.ca. It’s an exciting business development for the Manitoba market.
I hear from many of you with questions about our new facility; questions I’m unable to answer today because of the delay. In due course, once we’re close to completing the final stadium design, I’ll be able to directly address all of your concerns.
We also continue to work closely with the Football Club on the project because with every delay comes the problem of keeping the current stadium functional. Money spent there is, to coin a phrase, good money going after bad. The continuing decay of the current stadium as confirmed in studies commissioned by the Football Club, Province, City and Creswin, is headed toward a potential expenditure measured in the many tens of millions of dollars unless we can get into a new facility.
Our entire team remains extremely focused on getting it done and as I say, progress continues. I also remain confident that it will all come together but it’s simply going to take a bit more time. In the end, it will be worth the wait so my thanks to all of you for your continuing patience.
Yours Sincerely,
David Asper
blueandgold.ca/index.php?option=com_content&task=view&id=52&Itemid=3
Fan Letter from David Asper
Dear Fans,
In April, when we signed funding agreements with government, I said I’d get back to you this fall with an update on our progress. It’s fall, and here I am.
To get right to the point, we have made pretty significant progress these past few months but not enough to get construction underway this fall as we had originally hoped. As a result, the Winnipeg Football Club has granted us a 12 month extension which has been endorsed by all of our partners in government and at the U of M.
Why the extension? It comes down to the amount of taxpayer funding available to build our new stadium. That’s because the only way to make this private-sector led funding arrangement work is to construct a separate economic engine capable of generating the necessary revenue to support both stadium and football operations. Hence, Creswin is buying the land, at fair market value, at the current stadium site and developing a jaw-dropping new retail destination.
Unfortunately, by time we signed our funding agreements allowing us to finally get down to leasing space in this retail development, we were in the middle of the largest recession since the Great Depression. And, while Manitoba has been largely immune from its effects, our target retailers in the US have been hit very hard.
So I was left with two choices – start construction of a half-baked stadium right away OR wait for the economy to improve so we could land a great collection of retailers that would allow us to fund and construct a world-class stadium. From the outset, I said I wanted to do it once and do it right so I hope you’ll agree with my decision…even though it means asking you for a little more patience. Trust me, no one is more disappointed or frustrated than me.
In fact, if you go way back to the start of this nearly three year journey, had our first plan for the new stadium at Polo Park received the required government funding, we would already be playing in a new stadium and the associated revenue would now be flowing back into the public treasury. Since then, Saskatchewan, Ottawa and possibly Hamilton are all making substantial progress toward new facilities…which will almost exclusively be funded by taxpayers.
All this said, I am still very pleased that we’ve made some significant progress on the retail side and have, in fact, signed letters of intent with two large US-based anchor tenants. This is a major step forward and I invite you to check our plans for The Elms Collection of fine fashion retailers at www.TheElms.ca. It’s an exciting business development for the Manitoba market.
I hear from many of you with questions about our new facility; questions I’m unable to answer today because of the delay. In due course, once we’re close to completing the final stadium design, I’ll be able to directly address all of your concerns.
We also continue to work closely with the Football Club on the project because with every delay comes the problem of keeping the current stadium functional. Money spent there is, to coin a phrase, good money going after bad. The continuing decay of the current stadium as confirmed in studies commissioned by the Football Club, Province, City and Creswin, is headed toward a potential expenditure measured in the many tens of millions of dollars unless we can get into a new facility.
Our entire team remains extremely focused on getting it done and as I say, progress continues. I also remain confident that it will all come together but it’s simply going to take a bit more time. In the end, it will be worth the wait so my thanks to all of you for your continuing patience.
Yours Sincerely,
David Asper