News Article: Q&A: Jets owner Mark Chipman

[cbcwpg]

Q&A: Jets owner Mark Chipman on payroll, MTS Place, Cheveldayoff - Sportsnet.ca

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[mcpw]

Doesn't matter, the budget team narrative will live on forever.

 

[blues10]

What is this capacity? Ive never seen this number in regards to capacity for hockey at BMTS before.

“Absolutely it was the plan,” said Chipman, whose club owns the 16,345-seat Bell MTS Place.

 

[SLAYER]

What is this capacity? Ive never seen this number in regards to capacity for hockey at BMTS before.

“Absolutely it was the plan,” said Chipman, whose club owns the 16,345-seat Bell MTS Place.

They got a couple of facts wrong, I had noted this as well.


I think this was my favourite quote (re: Chevy)

"He’s a patient guy as well and he wants success more than any guy I know. He literally wears it daily, but I guess what I’m trying to say is we’ve really been on the same page since we agreed to do this together."

 

[nobody imp0rtant]

Nice to see our arena capacity is now up to 16,345. Seriously, is fact checking a lost art?

 

[Positive]

16,345 is the concert capacity. So, not entirely untrue.

 

[DannyGallivan]

16,345 is the concert capacity. So, not entirely untrue.

It's still totally untrue for hockey. Minor detail, I guess.

 

[purdy44]

Why does True North Square need $45 million in public funds?
Oh, they didn't ask that? Never mind then

 

[Critical Mass]

Recent signings of players like captain Blake Wheeler (six years, $33.6 million)

That's a great deal.

 

[LucianoBorsato]

Sporstnet.ca is just a total joke now. Little to no fact checking, and their comments section is just a cesspool of trolling

 

[DowntownBooster]

Why does True North Square need $45 million in public funds?
Oh, they didn't ask that? Never mind then

That's part of the TIF financing right? So it's actually taxes being deferred and placed back into the project I believe. It's not funds being paid from the taxpayers but money that will be paid at a later date to the government. If they left it as a vacant parking lot like it's been for decades, nothing worthwhile would be collected as property tax anyway. Once the full development is up and running the government coffers will take in much more than the amount deferred through the TIF program.

 

[roccerfeller]

Is it just me or was that a terrible, poorly written, poorly researched article that was just overall bad and cringeworthy?

CMA (market size) as of July 1 2017 is 825,713 btw Sportsnet

Dunce Tier, this article

 

[Gm0ney]

That's part of the TIF financing right? So it's actually taxes being deferred and placed back into the project I believe. It's not funds being paid from the taxpayers but money that will be paid at a later date to the government. If they left it as a vacant parking lot like it's been for decades, nothing worthwhile would be collected as property tax anyway. Once the full development is up and running the government coffers will take in much more than the amount deferred through the TIF program.

The TIF isn't really deferring money that will be repaid down the road. It's an agreement that the developer will get a property tax break for a certain amount of time. I think the SHED arrangement was a 10-year deal. So if the property tax on the assessed value of TNS is $1M per year, the city would rebate (or undercharge) $750,000 per year for 10 years. In year 11, TNS would pay the full $1M property tax, but they wouldn't repay any of the rebate given from the first 10 years. It's a fairly direct subsidy, but the idea is that the city would only be getting the property taxes on a parking lot otherwise (i.e. the development would not happen without the TIF).

 

[DowntownBooster]

The TIF isn't really deferring money that will be repaid down the road. It's an agreement that the developer will get a property tax break for a certain amount of time. I think the SHED arrangement was a 10-year deal. So if the property tax on the assessed value of TNS is $1M per year, the city would rebate (or undercharge) $750,000 per year for 10 years. In year 11, TNS would pay the full $1M property tax, but they wouldn't repay any of the rebate given from the first 10 years. It's a fairly direct subsidy, but the idea is that the city would only be getting the property taxes on a parking lot otherwise (i.e. the development would not happen without the TIF).

The government will more than recoup its money from this half billion dollar investment by True North. Too many people are only focused on the property tax break (which will only be for a certain length of time) given to the developer without realizing how much taxes are already being generated by the project including income taxes from all the construction workers.

 

[Gm0ney]

The government will more than recoup its money from this half billion dollar investment by True North. Too many people are only focused on the property tax break (which will only be for a certain length of time) given to the developer without realizing how much taxes are already being generated by the project including income taxes from all the construction workers.

Yes, that's the supporting argument for TIFs and all other corporate welfare.

 

[Bartho]

Surface lots über alles!

 

[Saintb]

those surface parking lots downtown are a blight. anything that helps get them developed is ok with me.

 

[DowntownBooster]

Yes, that's the supporting argument for TIFs and all other corporate welfare.

If that's what it takes to get a surface parking lot (that's been in that state for decades) developed, I'm willing to support it. To get an upscale development of that magnitude built in our downtown, the government would have been foolish to say "No, please take your development somewhere else. We're quite content with all these surface parking lots." If the government was getting no return from this project then I would agree with you. However, not only will they get a return (and more) but we're getting an amazing development in our downtown that could spur further growth.

 

[Gm0ney]

If that's what it takes to get a surface parking lot (that's been in that state for decades) developed, I'm willing to support it. To get an upscale development of that magnitude built in our downtown, the government would have been foolish to say "No, please take your development somewhere else. We're quite content with all these surface parking lots." If the government was getting no return from this project then I would agree with you. However, not only will they get a return (and more) but we're getting an amazing development in our downtown that could spur further growth.

MPI owns that land and had some kind of RFP for development ideas - and they had more than one interested party I believe. IIRC it originally included developing another MPI-owned surface lot on Donald south of St. Mary (was that dropped for the TNSE-owned land on Carlton where the hotel and condos are going?). Now there was always some kind of TIF money on the table, but what may be a little hard to buy is that all the parties interested in this opportunity required $42M in government money to make their proposals work.

My theory on what happened: TNSE had a business plan for TNS that worked with far less direct subsidy, but it assumed that Liquor and Lotteries were moving their HQ into TNS on a 20+ year lease at top of the market rates and also included the World's Largest Liquor Mart concept. When Liquor and Lotteries decided to go elsewhere and the big Liquor Mart was scaled back, plan B involved taking a more direct route to the government money than the extraction-via-crown-corp method...

I'm not complaining about surface lots being developed, but I'm not sure the government needs to make it rain millions on the developers like they've done here. From what I've observed, the only thing TNSE does better than drafting is managing to funnel boatloads of tax money into their own private coffers. Hey, it's a good skill to have...

 

[Mortimer Snerd]

those surface parking lots downtown are a blight. anything that helps get them developed is ok with me.

Yeah, who needs parking.

Top 3 reasons for downtown decay; parking, parking and parking.

 

[JetsUK]

No, but there are all kinds of ways to manage urban parking that don't include vast, single-level lots run by mega-corps out of BC on prime Exchange real estate.

 

[lanky]

MPI owns that land and had some kind of RFP for development ideas - and they had more than one interested party I believe. IIRC it originally included developing another MPI-owned surface lot on Donald south of St. Mary (was that dropped for the TNSE-owned land on Carlton where the hotel and condos are going?). Now there was always some kind of TIF money on the table, but what may be a little hard to buy is that all the parties interested in this opportunity required $42M in government money to make their proposals work.

My theory on what happened: TNSE had a business plan for TNS that worked with far less direct subsidy, but it assumed that Liquor and Lotteries were moving their HQ into TNS on a 20+ year lease at top of the market rates and also included the World's Largest Liquor Mart concept. When Liquor and Lotteries decided to go elsewhere and the big Liquor Mart was scaled back, plan B involved taking a more direct route to the government money than the extraction-via-crown-corp method...

I'm not complaining about surface lots being developed, but I'm not sure the government needs to make it rain millions on the developers like they've done here. From what I've observed, the only thing TNSE does better than drafting is managing to funnel boatloads of tax money into their own private coffers. Hey, it's a good skill to have...

Liquor & Lotteries was going to renovate the Medical Arts building. They never planned to use office space at TN Square. You are right about the massive liquor store though. I'm sure that rent would have been nice for TN to collect.

 

[Gm0ney]

Liquor & Lotteries was going to renovate the Medical Arts building. They never planned to use office space at TN Square. You are right about the massive liquor store though. I'm sure that rent would have been nice for TN to collect.

Well, it's just my theory - but Liquor and Lotteries hadn't decided on anything when the TNS plans were being finalized in early 2015. At the time, ML&L were looking to relocate and consolidate in downtown...and TNSE had a pretty cozy relationship with the premier and just happened to be building a suitable office tower...it's not too far a leap to guess at what was going on here. But then ML&L picked the Medical Arts, and even that plan was scrapped when the PCs took over the government.

 

[Saintb]

Yeah, who needs parking.

Top 3 reasons for downtown decay; parking, parking and parking.

If wall to wall surface parking is your idea of a vibrant downtown perhaps you need to travel more

 

[sipowicz]

Why does True North Square need $45 million in public funds?
Oh, they didn't ask that? Never mind then

Come on, it’s the Winnipeg media, no hardball questions to St. Mark Chipman or other Innipeg royalty!