The city's share of the proposed event centre could be around $42 million.
That's the figure city manager Tim Commisso told a full room at the Italian Cultural Centre Wednesday night as the city presented its Phase 3 Final Report Feasibility Study on the proposed $114 million project.
With about $23 million in the Renew Thunder Bay fund, a reserve that kicked off discussions of a future event centre back in 2009, and $5 million coming from places like land development and parking, that could mean a possible debenture of $14 million. That's if the best-case scenario of $72 million from federal and provincial funding comes through.
"We won't be able to do this without some type of debenture," Commisso said.
The goal is to minimize that debt. Commisso also told the room that the project wouldn't go ahead without significant funding from senior levels of government.
Commisso said the city is in good financial shape to handle the project despite some people thinking otherwise. Since 2010 $5.8 million per year has been saved. And while over-budget projects get a lot of media coverage, since 2001 total projects have come in more than $4.4 million under budget.
Tanner Harris said he's in support of the project as long as its not totally on the backs of municipal taxpayers. But the city has positioned the project so that's not the case.
While people point out they don't want their taxes gogin to a facility they might not use, Harris said that argument can go both ways.
"My view is well I'm not going to use everything either. I'm not going to use the 55 Plus Centre for another 30 years so why would should my taxes go to that.So you can go tit-for-tat really," he said.
Harris said if the centre isn't built soon, the city's $42 million share could be $80 million one day, something Real Bouchard agrees with.
He wants to see it built as soon as possible.
"I would definitely like to see an event centre of this caliber in this city before I pass away," he joked. "But not at all costs."
Bouchard wants to see the city contain costs and look for ways to save.
"There's (financial) room for this kind of a facility for people who want to see it," he said.
Patty Bates said if the project costs more in the future, so be it.
"We have greater concerns in Thunder Bay," she said. "We need long-term care. We need to take care of a lot of our existing city facilities."
And most of the economic impacts are just good guesses, not reality.
"They can make all the projections they want but those aren't necessarily what's going to happen," she said.
Bates' biggest concern though is that the people weren't given a plebiscite do decide on the project.
The project heads back to city council Monday night.
