To be clear, this has nothing to do with the Bombers financial obligations to pay off the loan.  This is the financing deal the government put in place to build the stadium.   The province was supposed to realize a bunch of tax revenue from the development of the old CanadInns stadium grounds that would pay part of the financing to build the stadium.   Due to lack of development and the Target building sitting vacant, the government has decided to take a $56M loss as they see no way of recouping the income it was supposed to generate.

http://www.cbc.ca/beta/news/canada/manitoba/stadium-loan-writedown-province-1.4299473

Quote

The province has placed a $56-million loss provision on the largest of the loans that helped build Investors Group Field, Finance Minister Cameron Friesen said the day after his Progressive Conservative government published Manitoba's annual financial statements.

Those statements include two references to a provision on the loan that covered $160 million of the initial cost of building Investors Group Field, the 33,214-seat football stadium that opened on the University of Manitoba's Fort Garry campus in 2013.

Under the terms of the deal to build the stadium, the non-profit Winnipeg Football Club is responsible for paying back $85 million of that loan by 2058, plus interest. To date, the Winnipeg Blue Bombers have met their financial obligations.

The remaining $75 million, plus interest, was supposed to be covered by municipal and provincial property taxes generated by the former Canad Inns Stadium site at Polo Park, which was sold to a partnership between Shindico Realty and Cadillac Fairview.

Thus far, the only new development on that plot of land is a now-empty former Target store. Over the past four years, the old stadium site has generated a total of $3 million in property tax revenue, according to figures provided by the City of Winnipeg.

The former stadium site was supposed to generate $7 million of property tax revenue a year once it was built out completely, Friesen said.

...

Friesen said the party responsible for the loan loss provision is neither the developer nor the Winnipeg Football Club, but officials in Greg Selinger's former NDP government, who put together the stadium-building deal.

 

Don't think this is a big surprise to anyone.  The government did what it had to to get the stadium built.  Now that there is a new government in power,  the get the blame the old government.

Theres one in Steinbach. We need one here tho badly

10 minutes ago, Super Duper Negatron said:

Is there a chance the slides could bend?

Not on your life, my Transcona friend!

were you sent here by the devil? 

No good sir I'm on the level!

1 minute ago, kelownabomberfan said:

were you sent here by the devil? 

No good sir I'm on the level!

What about us braindead slobs? 

You'll be given cushy jobs. 

It's fine, Winnipeg will have  a kickass waterpark one day in the building that currently holds the Museum of Human Rights.  Or maybe in the old arena? Or was it the old stadium, or the empty Target store?  Winnipeg's perpetual longing for a waterpark is what gives the city it's charm. If they ever actually build one we'll lose part of our soul.

Remember David Asper's  plan for the new stadium at Point Douglas?  It included a waterpark.  Unbelievably, it still didn't get much public support. That's the closest Winnipeg has gotten to actually getting the elusive waterpark and they rejected it.

Here's a blast from the past: http://accesswinnipeg.com/2008/06/sneak-peak-at-proposed-point-duglas-stadium/

That article references a waterpark at CanadInn Polo Park. Did that ever get built?

On opening day at the Winnipeg water-park:

Mayor Bowman: And now, I'd like to turn things over to our Grand Marshall Mr. William Shatner!

Audience applauds

William Shatner: I'd say going down these slides you could do at least Warp 5!

Audience chuckles

Bowman: And let me say, may the Force be with you!

William Shatner: Do you even know who I am?

Bowman: I believe I do. Weren't you one of the Little Rascals?

6 minutes ago, Brandon said:

Before I used to roll my eyes at the idea....   last month we took our two little ones to a mini trip down South and went to 3 hotels with water parks.    Mid week in late August these places were jam packed from afternoon till close.   Many of the people were locals attending as well.     They could easily generate a tonne of cash with a decent park.    

In winter parents are desperate to unleash the kids somewhere to burn energy,  places like Kid City are swamped with kids running around.  I can see an indoor park doing very well.  

agree 120%  every park Ive ever gone to (indoor or outdoor) has been jam packed.  they are absolute cash cows.  I don't know how the city doesn't see this as an excuse to pretty much print money

Portage place will be turned in to 1 when it can be. 

spent a lot of time at both Skinner's and Fun Mountain when I was a kid in the late 80s/early 90s.......so much fun. West Ed water park is OUTSTANDING....best I've ever seen. Winnipeg could definitely use an indoor water park. Every city wants more young families, and young families want water parks.

11 minutes ago, Atomic said:

WTF is with Winnipeg and waterparks.

its hot as hell in summer.. water park to cool off.. its boring as hell in the winter, water park (and hotel if you are flush with cash) for a mini-staycation from the cold..

 

 

they are entertaining and a great way to kill a day.  kinda pricey but you get usually what you pay for.  If you've never been, I suggest you try one on your next trip somewhere.  West ed Mall, Wisconsin dells, even Canada's Wonderland in Toronto has a pretty stellar park.. been to them all and will gladly go back.

8 minutes ago, Super Duper Negatron said:

Waterparks are fun, especially if you have kids and need to entertain them.

Waterparks don't work well outdoors in the winter.

Winnipeg has long ass winters.

Therefore: indoor waterpark. Quite simple!

winner winner chicken dinner

4 minutes ago, kelownabomberfan said:

The H20 center here in Kelowna is a huge hit, and is used extensively.  Also anyone ever been to West Edmonton Mall?  That waterpark has been going for decades.  I've never been but all my family members and friends who have been there love that waterpark.  Winnipeg could definitely use something like that.

never been to the H20 centre but been to at least 5 different parks, 3 of them indoors and all of them have been a blast.  Lazy rivers to speed slides and all the fun stuff inbetween. kept the kiddos and the big kiddos alike occupied for hours.    Winnipeg is in sore need for something like this and have been for ages.

5 minutes ago, Goalie said:

What about us braindead slobs? 

You'll be given cushy jobs. 

This sounded like the NDP's last campaign in our provincial election. 

By the way - I hear those waterparks are awfully loud.

2 minutes ago, SPuDS said:

its hot as hell in summer.. water park to cool off.. its boring as hell in the winter, water park (and hotel if you are flush with cash) for a mini-staycation from the cold..

 

 

they are entertaining and a great way to kill a day.  kinda pricey but you get usually what you pay for.  If you've never been, I suggest you try one on your next trip somewhere.  West ed Mall, Wisconsin dells, even Canada's Wonderland in Toronto has a pretty stellar park.. been to them all and will gladly go back.

winner winner chicken dinner

never been to the H20 centre but been to at least 5 different parks, 3 of them indoors and all of them have been a blast.  Lazy rivers to speed slides and all the fun stuff inbetween. kept the kiddos and the big kiddos alike occupied for hours.    Winnipeg is in sore need for something like this and have been for ages.

if you ever feel like driving to Idaho check out Silverwood, awesome fun.

7 minutes ago, kelownabomberfan said:

This sounded like the NDP's last campaign in our provincial election. 

By the way - I hear those waterparks are awfully loud.

They glide as softly as a cloud 

Just now, kelownabomberfan said:

if you ever feel like driving to Idaho check out Silverwood, awesome fun.

i'll keep that in mind, never heard of it and I imagine at some point id like to go see my screen name's home state lol.

18 minutes ago, Goalie said:

Theres one in Steinbach. We need one here tho badly

I'm not sure that's true.  We have a pool with one waterslide, and a little lazy river?

5 minutes ago, max power said:

I'm not sure that's true.  We have a pool with one waterslide, and a little lazy river?

Its more than we have. 

Just goes to show these funding schemes for most arenas and stadiums tend to fall flat on their faces.  I've seen this from governments of all types...left-leaning, centrist and right leaning.  Inherently ridiculous and built on unreasonable expectations and forecasts.  A similar thing is happening just to the south of us with the government funding of the US Bank Stadium in Minneapolis.  The state's share of the stadium funding was supposed to be covered by the lottery, but of course there have been massive shortfalls in the first few years...all based on unrealistic projections.

It's pretty telling that the new Save-On Foods chose to open a store in the former Future Shop location right across from Polo Park rather than build on the old stadium site or within the old Target store.  The site is not nearly as desirable as the city or province hoped given there is no way to properly connect Polo Park to it thanks to the other commercial buildings between the two.

20 minutes ago, blueandgoldguy said:

Just goes to show these funding schemes for most arenas and stadiums tend to fall flat on their faces.  I've seen this from governments of all types...left-leaning, centrist and right leaning.  Inherently ridiculous and built on unreasonable expectations and forecasts.  A similar thing is happening just to the south of us with the government funding of the US Bank Stadium in Minneapolis.  The state's share of the stadium funding was supposed to be covered by the lottery, but of course there have been massive shortfalls in the first few years...all based on unrealistic projections.

It's pretty telling that the new Save-On Foods chose to open a store in the former Future Shop location right across from Polo Park rather than build on the old stadium site or within the old Target store.  The site is not nearly as desirable as the city or province hoped given there is no way to properly connect Polo Park to it thanks to the other commercial buildings between the two.

Its also gigantic so thats tough. 

25 minutes ago, blueandgoldguy said:

Just goes to show these funding schemes for most arenas and stadiums tend to fall flat on their faces.  I've seen this from governments of all types...left-leaning, centrist and right leaning.  Inherently ridiculous and built on unreasonable expectations and forecasts.  A similar thing is happening just to the south of us with the government funding of the US Bank Stadium in Minneapolis.  The state's share of the stadium funding was supposed to be covered by the lottery, but of course there have been massive shortfalls in the first few years...all based on unrealistic projections.

It's pretty telling that the new Save-On Foods chose to open a store in the former Future Shop location right across from Polo Park rather than build on the old stadium site or within the old Target store.  The site is not nearly as desirable as the city or province hoped given there is no way to properly connect Polo Park to it thanks to the other commercial buildings between the two.

underground moving walkway or shuttle system like they use at some big airports?

 

it is a huge location and I think thats why they need to look at something that takes up a huge footprint.. like a hotel/waterpark.

2 hours ago, kelownabomberfan said:

This waterpark sounds more like a Shelbyville kind of idea.

I hear a water park put Brockway, North Haverbrook and Ogdenville on the map...

1 hour ago, blueandgoldguy said:

It's pretty telling that the new Save-On Foods chose to open a store in the former Future Shop location right across from Polo Park 

I drove by there for the first time in a while yesterday and thought to myself... what used to be there?... it was bugging me cuz I thought of BestBuy, Old Navy and Cdn Tire... all of which still exist... so thanks for answering that question...

2 hours ago, Goalie said:

They glide as softly as a cloud 

The ring came off my pudding can.

In regards to the old Target my memory is a bit fuzzy ,  isn't the only way to visit the store space is going up an escalator with a few elevators that you can also ride?    

If that is the case then I can't imagine a food store working well since everyone would be using shopping carts.

 

17 minutes ago, TrueBlue4ever said:

The ring came off my pudding can.

Take my pen knife, my good man!

18 minutes ago, Brandon said:

In regards to the old Target my memory is a bit fuzzy ,  isn't the only way to visit the store space is going up an escalator with a few elevators that you can also ride?    

If that is the case then I can't imagine a food store working well since everyone would be using shopping carts.

 

Even the shopping carts used the escalator! (It was kind of cool)

Is that not how it works at SuperStore on Portage Ave?

19 minutes ago, JCon said:

Even the shopping carts used the escalator! (It was kind of cool)

Is that not how it works at SuperStore on Portage Ave?

I believe they have a ramp

1 hour ago, Atomic said:

I believe they have a ramp

Thanks. I've never been underground there.