City, province reach agreement on convention centre financing

And it's a horrible deal for the city

The city and province have signed a deal for financing for the proposed convention centre, Infrastructure minister Bill Estabrooks and mayor Peter Kelly announced today. The short of the agreement: the city completely backed down on two negotiating points, and nearly completely backed down on a third.

As a result, the city faces potentially unlimited risk for funding continued convention centre operations, faces a potential $12 million to purchase the existing convention centre and has agreed to a confusing property tax formula that reduces city revenues from standard property tax assessments on commercial properties.

The new deal is still dependent upon $56 $47 million in federal funding; although the federal government has been asked for the money, there's yet to be any response.

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