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.

2 hours ago, JCon said:

Thanks. I've never been underground there.

A very long and fun to glide down with the cart ramp!

So what does the last two pages have to do with football?

7 minutes ago, northwd said:

So what does the last two pages have to do with football?

Great first post!  I see big things ahead for you!!!!

2 hours ago, northwd said:

So what does the last two pages have to do with football?

I think you and Tburgess will have a great friendship.....

2 hours ago, northwd said:

So what does the last two pages have to do with football?

The old stadium is located where the big empty target store is. Its like that Kevin Bacon game. It all connects

Just have to connect the dots...

13 hours ago, Goalie said:

Yup. No surprise. My way of looking at it... 

The province puts and has put so much money in to such meaningless pointless totally stupid things that the majority of people dont use such as welfare and things of that nature that a 56 million "loss" for a stadium is really just peanuts. Anyone who disagrees need to pull their head out of the sand and open their eyes to the crazy amount of wasteful spending going on Daily. 

 

13 hours ago, Goalie said:

Lol. I said and things of that nature.. 

That was 1 example of many. 

Opinion isnt truth but when its the truth it is. 

There are lots of ppl who take advatage of certain things.. Welfare is just 1 of many examples.. Mb housing is another. There are others but those 2 are huge on the list of wasted money. 

It's sort of hard for both of these posts to be true. Pretty much impossible, actually. 

The budget for MB housing has been severely cut - guess you're happy about that. 

14 minutes ago, Mark H. said:

 

It's sort of hard for both of these posts to be true. Pretty much impossible, actually. 

The budget for MB housing has been severely cut - guess you're happy about that. 

Lots of ppl living in mb housing are out partying until 4 am drinking case after case of beer... So do they really need mb housing? Nope they just take advantage of it. GF used to live near MB housing... Trust me when i say... Yes im delighted about it. Punk kids and alcoholics. My uncle who we dont talk to cuz hes a giant mooch lives in mb housing.. Trust me, hes taking advantage of a broken system. 

Edited September 22, 20178 yr by Goalie

9 hours ago, Goalie said:

Lots of ppl living in mb housing are out partying until 4 am drinking case after case of beer... So do they really need mb housing? Nope they just take advantage of it. GF used to live near MB housing... Trust me when i say... Yes im delighted about it. Punk kids and alcoholics. My uncle who we dont talk to cuz hes a giant mooch lives in mb housing.. Trust me, hes taking advantage of a broken system. 

There are always going to be people like that. And also people like you who paint the whole system with a broad brush. 

God helps those that help themselves.  And the government takes care of the rest of them.

34 minutes ago, Atomic said:

God helps those that help themselves.  And the government takes care of the rest of them.

Gross.

Just now, Atomic said:

God helps those that help themselves.  And the government takes care of the rest of them.

So, does that mean that those who are born with or suffer disabling illnesses or injuries are abandoned by "God"?

16 minutes ago, tracker said:

So, does that mean that those who are born with or suffer disabling illnesses or injuries are abandoned by "God"?

I love questions about theophany.  Sadly, this isn't the space for it.  Excellent question though Tracker.

23 minutes ago, tracker said:

So, does that mean that those who are born with or suffer disabling illnesses or injuries are abandoned by "God"?

How the hell should I know?

41 minutes ago, Super Duper Negatron said:

Gross.

I know, it makes me sick too.

Edited September 22, 20178 yr by Atomic

2 minutes ago, Atomic said:

How the hell should I know?

Read this as "Why the hell should I care?"

@Rich time to lock 'er down, sir......

15 hours ago, northwd said:

So what does the last two pages have to do with football?

A better question might be "what do all the other threads on here have to do with a waterpark?"

1 hour ago, tracker said:

So, does that mean that those who are born with or suffer disabling illnesses or injuries are abandoned by "God"?

Pretty sure it means "He works in mysterious ways" or something. Some kind of cop-out, anyway.

It means we live in a fallen, imperfect world.

Time to get this thread back on track: after I win the $60 million Lotto Max jackpot tonight, I promise I will do everything in my newfound power to build a water park at the old stadium site. That's right, I'm speaking it into existence on the internet! Gotta name it and claim it! Gonna be #blessed!

 

6 minutes ago, nate007 said:

Time to get this thread back on track: after I win the $60 million Lotto Max jackpot tonight, I promise I will do everything in my newfound power to build a water park at the old stadium site. That's right, I'm speaking it into existence on the internet! Gotta name it and claim it! Gonna be #blessed!

 

Sorry dude, that money is spoken for and earmarked for a Brew Pub on the edge of the Whiteshell.......

5 hours ago, WBBFanWest said:

I love questions about theophany.  Sadly, this isn't the space for it.  Excellent question though Tracker.

There is an apparent answer, and it took me only 50 years to find it. However, as you say, this is not the place. And no, I am not a Jesus freak.

2 minutes ago, tracker said:

There is an apparent answer, and it took me only 50 years to find it. However, as you say, this is not the place. And no, I am not a Jesus freak.

I am. Does that make me ineligible to have an opinion on this?

More importantly, apparently these exist: https://www.canadinns.com/play/splashers-indoor-pool-and-waterslides/

It's hard to tell how big those are though since there's apparently a law that says all hotel websites must have only tiny pictures that you can't enlarge that don't really give you a good idea of what you're looking at. The same law applies to real estate websites as well.

Just now, max power said:

I am. Does that make me ineligible to have an opinion on this?

More importantly, apparently these exist: https://www.canadinns.com/play/splashers-indoor-pool-and-waterslides/

It's hard to tell how big those are though since there's apparently a law that says all hotel websites must have only tiny pictures that you can't enlarge that don't really give you a good idea of what you're looking at. The same law applies to real estate websites as well.

If your faith gives you the guidance, strength and comfort you need, then you are where you need to be. And your voice is no lesser than any other.

52 minutes ago, Noeller said:

Sorry dude, that money is spoken for and earmarked for a Brew Pub on the edge of the Whiteshell.......

Brew pub would also be on my projects list, and I could probably get both done for $60 mil.