Lansdowne numbers look good
The Lansdowne Park redevelopment project is on budget and management believes the city will be in a better financial position than when the project was first approved.
In a massive report expected to go public Friday, management says the significant delay −− caused by the Friends of Lansdowne court challenge, heritage approvals and the addition of new architects to the project −− hasn’t derailed any part of the partnership with the Ottawa Sports and Entertainment Group. The beginning of construction will be delayed until next spring, with the park ready to go for the Canadian Football League’s return to Ottawa in 2014 and the North American Soccer League season.
Construction of the urban park won’t begin until January 2014 and be completed in the summer of 2015, when the entire Lansdowne redevelopment will be done.
Some of the first work to be undertaken on the site is digging up contaminated soil and demolishing the south side stands of Frank Clair Stadium.
Relocating the Horticulture Building slightly east on the site remains part of the plan. Management says changes to the financial framework favour the city.
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According to the report, low interest rates will help the city service the debt and there has been enthusiasm from “high−end” retailers.
OSEG is adding another $30 million to its investment, resulting in better mixed−use buildings, and the city is expecting increased property tax and leasing revenues.
The city’s equity is being reduced from $13.5 million to $2.5 million, meaning lower returns, but management says increased revenue and debt savings offset that.
The finance and economic development committee will discuss the progress during a meeting next Thursday.
