8/13/2019 Event Centre Program - Thunder Bay, 2012

1/1

The ongoing discussion to replace the Fort

William Gardens has gained significant

momentum in the past three years.

The consulting team, using a broad-based

Site Evaluation Matrix, is recommending the

Downtown/Waterfront site because it offers the

greatest short- and long-term benefits, and is

solidly anchored in a downtown core, a trendthat is becoming the norm in other mid-size

Canadian cities.

Overall, the development and operation of the

Event Centre is concluded to impart substantial

benefit within Thunder Bay, including:

$148.3 million to $149.4 million in total

economic benefits (direct and indirect

impact) during the construction of the

facility, along with between $79.0 million

to $79.6 million in employment income

growth, 1,120 to 1,130 person years of

employment, and $17.2 million to $17.4

million in direct tax revenue to the federaland provincial governments.

$10.8 million to $16.8 million in annual

economic benefits (direct and indirect

impact) during the facilitys operations,

including $4.6 million to $5.4 million

annually in employment income growth,

265 to 380 person years of employment

annually, and $3.4 million to $4.6 million

annually in direct tax revenue to the federal

and provincial governments.

In addition, the operation of the Spectator

Arena and Conference Centre components are

estimated to attract numerous new events,

along with conference delegates and other

visitors to Thunder Bay to attend the various

conferences, meetings, trade shows and

spectator events held at the Event Centre.

Hosting such events is projected to result

in approximately $6.1 million in new visitor

spending within Thunder Bay annually, as well

as assist the City in enhancing the revenues it

receives from its North Core Parkade, where

an additional $91,800 to $129,600 in annual

revenue is projected.

RECOMMENDED SITEThe Downtown/Waterfront:

scored higher in the Site Evaluation Matrix

(79.7 compared to 63.1 for Innova)

is consistent with general consensus that

Downtown North is the entertainment district

or precinct

will be a critical element in the transformation

of the historic downtown Port Arthur, similar

to many precedents in both Canada and the

United States

combined with Prince Arthurs Landing, will

create a unique synergy as a destination for

residents and visitors and attract national

and international attention

PROJECTED COST

Event Centre Facility including

site works & pedestrian overpass $92.6 million

200-stall Parking Structure 7.2 million

Facility fit up including public art

& relocation of Hydro substation 6.3 million

TOTAL PROJECTED COST $106.1 million

PROPOSED FUNDING

Citys Renew Thunder Bay (RTB)* $33.0 million

Parking Structure Debenture 2.4 million

Federal & Provincial Governments 55.7 million

Private Equity 15.0 million

TOTAL CAPITAL FUNDING $106.1 million

*$25 million is in place in RTB Reserve Fund

WHATS NEXT?Subject to Councils approval of the Phase 2 Feasibility Study on November 26, the proposed

next step will see the development of a Project-Ready Plan including detailed facility plan

and financial/business plan (Phase 3).

Proposed Phases Anticipated Timing

Phase 3 - Detailed Facility Development and

Financial Plan/Business Plan [Project-Ready Plan] 2013Phase 4 - Confirmation of Funding and Business Partners 2013-2014

Phase 5 - Detailed Design and Construction 2014-2016