SCHOONER SPORTS AND ENTERTAINMENT
Schooner Sports and Entertainment (SSE) has submitted an amendment to their proposal to Halifax Regional Municipality (HRM) for the development of a new community stadium.
The HRM Community Stadium proposal amendment mitigates HRM's risk, provides an option for a new ownership model, and clarifies how HRM will fully recoup its annual contribution with the potential for profit sharing.
"Since submitting our proposal in August 2019, we have been listening to public feedback and concerns of residents, specifically around risk to the municipality," said Anthony LeBlanc, Founding Partner, Schooner Sports and Entertainment.
"An HRM Community Stadium is a game changer for the region. Our revised proposal takes this feedback into consideration and provides HRM with a community stadium proposal that is the best deal for HRM, and, in fact, better than any stadium jurisdiction in North America."
A Community Stadium will contribute to HRM's growth and make our municipality a better place to live and visit. As one of the only Municipalities of its size in North America without a community stadium, Halifax has been talking about the need for a stadium for several decades.
With the CFL Atlantic Schooners franchise ready to come here as the anchor tenant, this is the best and lowest risk opportunity for Halifax to get the stadium it needs, and the first and only time that the private sector is at the table in a substantial manner, significantly mitigating the risk to HRM.
Key elements of the amended proposal are below.
Mitigating HRM's Risk and Economic Benefits
- SSE to contribute tens of millions of dollars directly to Stadium Construction
- SSE will fund all ongoing Capital expenses
- SSE will take on all operational expenses, regardless of ownership structure
- SSE to repay HRM's FULL annual contribution
- HRM to share in excess surcharge profit, forecasted to be hundreds of thousands in annual revenue
- Thousand of jobs created
- Millions of dollars in tax revenues
HRM to decide who owns the stadium
- SSE welcomes a Stadium ownership model that is acceptable to HRM and by no means insists on SSE owning the facility. However, SSE understands and accepts that the ownership model must ensure HRM bears no operational risk.
Tax Incremental Financing
- While a Tax Increment Financing (TIF) districts is proposed to be created around the stadium area, HRM is in full control of what would be a part of this district. And more importantly, if the TIF district is delayed or is never created, HRM will not be left on the hook, thanks to the implementation of the ticket surcharge to cover any TIF shortages, if any.
Unprecedented commitment to HRM youth and community initiatives
- SSE will reward student achievement by donating hundreds of tickets to each home game for qualifying successful students.
- A charitable foundation will raise hundreds of thousands of dollars per year to support programs that support boys and girls across Nova Scotia to overcome the current barriers to fair and accessible sport and recreation opportunities.
HRM Community Stadium - Much more than just football
- 24,000+ total capacity
- Inflatable winter sports dome
- Local Sports and Entertainment Stakeholder Supporters such as Sport Nova Scotia are on board
- 300+ days a year for community sport and recreation use
- 10 CFL Home games (pre season and regular season) per year plus playoffs (6,000 season ticket deposits sold already)
- 1-2 major stadium concerts per year
- A number of smaller, amphitheater style concerts, as well as the potential for multi day festival style concert events
- Minimum of one Grey Cup every 10 years - The 2018 Grey Cup hosted in Edmonton had a total economic impact of more than $81 million
- Potential to host NHL outdoor games such as the recent 2019 Heritage Classic in Regina - Initial reports indicate a $15-$20 million economic impact for Regina