Pretty sad research then. The bulk of the money 'from' the City is via a new ticket tax and the donation of city owned land. The CSEC will pay for one half of the costs and at the end of the day the City will own the Event Centre lock, stock, and barrel. So you have private investment being made on a facility that they won't own. This private investment will not only maintain the economic activity that the Flames, Hitmen, and other entertainment brings. It will also spur other construction and businesses to build in the area and revitalize Vic Park. There will be economic gains (and tax revenues) from that activity.
Meanwhile City Unions have their heads in the sand buying into that tired old rhetoric that they should be immune from economic downturn. Pay us. We don't care where you get the money just pay. Or else there will be catastrophic results.
Now I happen to agree with maintaining fire and police budgets. I also think that the City is a large corporation that should easily find savings from their $4B budget. The City Manager and his underlings should be fired if they cannot without playing the usual game of playing chicken little.