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RAPTORS MAKE LOW OFFER IN BID FOR ARENA SITE
Published November 9, 1994
This morning's TORONTO STAR reports that the Raptors have offered Canada Post as little as C$14M for a "prime downtown site that's worth at least four times that much." The property is on Canada Post's books for C$65M. The package "recently pitched" to the post office by the Raptors is said to come in the form of C$3M cash and C$1M a year for 50 years, with half the money to come from "marketing rights." These "rights" could range from naming the arena after a sponsor to putting a logo on the roof to setting up a "giant video display ad board within view" of an area expressway. The Raptors are "under pressure" to find a site because "unless construction begins before next October 1, they must pay" C$1M to the Ontario government (David Israelson, TORONTO STAR, 11/9).