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.

20 hours ago, kelownabomberfan said:

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

For the most part I don't mind his comments. He seems to be the voice of sanity in an insane world. 

2 hours 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 could use some guidance, I'm looking for the rye whisky thread?

1 hour ago, northwd said:

For the most part I don't mind his comments. He seems to be the voice of sanity in an insane world. 

Now we're worried about your sanity...?

4 hours ago, northwd said:

For the most part I don't mind his comments. He seems to be the voice of sanity in an insane world. 

Migs is that you?

13 hours ago, blue_gold_84 said:

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

Baby dies at birth but God had a plan. WTF? 

The Conservatives know how to spin their financial statements, by setting up a provision for the loss now, its a political win-win for them. They get to blame the NDP for the current loss provision whilst its still fresh in the minds of the public. If they do get an anchor tenant in subsequent years, they can then reverse some of the loss, resulting in a lower deficit for them (look what we did!). If things really get rosy, they'll be able to get an anchor tenant in the election year budget, thus further reducing their deficit for that year. A savvy individual would realize this as an "other item" on the income statement - but the general public will likely just be told the overall deficit (or surplus) for the year, in comparison with the deficits run by the NDP.

7 hours ago, SpeedFlex27 said:

Baby dies at birth but God had a plan. WTF? 

Everyone dies

What this city needs is another minor league basketball squad! 

18 hours ago, Noeller said:

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

One winning ticket sold in... Alberta. I look forward to visiting your Whiteshell brew pub Noeller.

24 minutes ago, nate007 said:

One winning ticket sold in... Alberta. I look forward to visiting your Whiteshell brew pub Noeller.

Not our house, unfortunately...had 3 or 4 tickets and all non-winners. Faaaaaaaaack. Praying it's my parents in the Hat, but likely some office with 20 people in on a weekly buy....