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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 trend that 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 federal and provincial governments.
• $10.8 million to $16.8 million in annual economic beneﬁts (direct and indirect impact) during the facility’s 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.
The 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 Arthur’s Landing, will create a unique synergy as a destination for residents and visitors and attract national and international attention
Event Centre Facility including site works & pedestrian overpass $92.6 million 200-stall Parking Structure Facility “ﬁt up” including public art & relocation of Hydro substation TOTAL PROJECTED COST 7.2 million 6.3 million $106.1 million
City’s Renew Thunder Bay (RTB)* Parking Structure Debenture Federal & Provincial Governments Private Equity TOTAL CAPITAL FUNDING
*$25 million is in place in RTB Reserve Fund
$33.0 million 2.4 million 55.7 million 15.0 million $106.1 million
Subject to Council’s 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 Phase 3 - Detailed Facility Development and Financial Plan/Business Plan [“Project-Ready Plan”] Phase 4 - Conﬁrmation of Funding and Business Partners Phase 5 - Detailed Design and Construction Anticipated Timing 2013 2013-2014 2014-2016