Markham Arena’s Financial Framework Questioned
It doesn’t look like Markham’s deputy mayor is on board with the proposed arena’s financial framework.
In a statement issued on Thursday, Jack Heath called it “extremely controversial” and expressed worries about levies on new home and condo construction to help pay for the arena may lead to legal battles.
The 20,000-seat arena is expected to draw NHL interest to the Markham-area but is expected to see the town take out a $325 million loan.
However, Markham mayor Frank Scarpitti says this is a multi-step process, noting the city and private partners are working on a Memorandum of Understanding (MOU). He says if the city doesn’t accept it, then they will take it from there.
He underlines he wants to do what’s best for residents.