Revenue Up For Sun Life Stadium In FY '14 CSU Panels Supports On-Campus Stadium Virginia Beach Reaches Deal To Build $200M Arena Facility Notes Avaya-Earthquakes Deal Worth $20M Renovated Citrus Bowl Open For Business Mavericks Installing High-Tech Camera System Facility Notes Mets Will Move In Citi Field Fences Bucks, UWM Meet About Future Of Panther Arena
RAPTORS FINALLY GET APPROVAL TO BUILD THEIR NEST
Published July 25, 1995
The Raptors received "overwhelming approval" from the Toronto City Council yesterday for their $200M arena project by a 13-3 margin (Don Wanagas, TORONTO SUN, 7/25). According to Raptors Stadium Project Manager Jay Cross, "If all goes according to plan," construction will begin around October 1. Robert MacLeod reports that the most "contentious part of the deal" involved a half-acre near the site that is owned by the city. The city estimates that the property is worth between C3.8-$4.5M, but, according to the deal, the Raptors "will not have to pay cash for that property." Rather, the team, which intends to turn the land over to a developer in exchange for another piece of property that the arena will be built on, will pay "in kind compensation." The Raptors will give the city 450 tickets per year for 20 years and free use of the stadium six days annually over the same period. The team will also provide C$80,000 a year for 20 years for a midnight basketball league for youths and to help establish anti-drug programs. Although the deal was "overwhelmingly approved," not all involved were pleased. Councilor Kay Gardner: "It's just like Caesar came in with his legions and all the peasants just lay down on the ground" (Toronto GLOBE & MAIL, 7/25).