SBD/30/Facilities Venues

POST OFFICE TURNS DOWN RAPTORS OFFER FOR ARENA SITE

     The Raptors want Canada Post to be "part owners of a
proposed downtown" arena, but the postal company will not "play
ball."  Sources say that the latest offer for the site is a mix
of "some upfront cash and a percentage of revenue over 50 years
leading to part ownership of the stadium."  But sources told the
TORONTO STAR:  "This sort of risk-sharing between the Canada Post
Corp. and a sports franchise would not be an appropriate way to
handle public funds."  It is also "not consistent with the good
business practices of the corporation."  But Canada Post
reportedly "remains open to an offer that would provide (it) with
a fair value for the property in question, with no strings
attached."  So talks between the post office and the Raptors will
continue.  Canada Post directors are "believed to have serious
concerns about rushing into a deal for the property," valued at
C$200M before the Toronto real estate market "dived" in '90
(David Israelson, TORONTO STAR, 11/30).
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