Event Centre Costs Soar (Video)

CHBC VIDEO Event Centre Costs Soar (Video)
It's become a very familiar refrain. Yet another major municipal project has had its price-tag explode well beyond the estimates. It's happened repeatedly with Kelowna's planned aquatic centre...and now it's happening in Penticton. The 56 Million dollar South Okanagan Event Centre is now the 73 Million dollar Event centre.

Don Quixote Note: Despite what Mr Kent Molgat says in the above video $50 million is NOT being picked up by the Province. The province is picking up $9.7 million.

As Posted at SLEIGHT OF HAND Sept 5 The first 12 million is the Penticton's taxpayer’s monies that are now being used to fund this project. Their 5 year budget * would have factored this in as revenue and this shortfall will have to be made up somewhere else through tax increases or cuts to service etc. The 32 million comes from the funds Lake City Casino (not the Provincial Govt.) is giving up that normally they would have used over the next 13 years for capital improvements etc. These projects would have created employment and economic spin-offs and the local municipal Government would have realized the taxes from the increased property assessments each year. What consideration Lake City Casino will get for this funding arrangement is unclear but perhaps their report to Shareholders will shed some light on their Community Benevolence. When the deal is analyzed it seems that there is no money being given or foregone by the Provincial Government or the B.C. Lottery Corp with the exception of the $9.7 million from the Major Regional Sports Facilities Initiative announced in early 2006.