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City, province reach agreement on convention centre financing

[image-1] The city and province have signed a deal for financing for the proposed convention centre, Infrastructure minister Bill Estabrooks and mayor Peter Kelly announced today. The short of the agreement: the city completely backed down on two negotiating points, and nearly completely backed down on a third. As a result, the city faces potentially unlimited risk for funding continued convention centre operations, faces a potential $12 million to purchase the existing convention centre and has agreed to a confusing property tax formula that reduces city revenues from standard property tax assessments on commercial properties. The new deal is still

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Trade Centre Limited losses skyrocket by half a million dollars, partly due to failed Halifax Common concerts

Trade Centre Limited, the provincial crown corporation that runs the convention centre, had an operating loss of $622,558 lat year, almost three times its budgeted loss and nearly six times the previous year’s loss of $109,969. Once depreciation is factored in, last year’s operating loss was $2.1 million, compared to a budgeted loss of $1.9 […]

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Why the convention centre sucks, part 3

One of the most bizarre arguments in favour of the proposed convention centre is that it will increase tax revenues. “Generating perpetual tax revenue for the federal, provincial and municipal governments, a new convention centre will help fund valuable provincial infrastructure like roads, schools and hospitals,” says an online petition, echoing sentiments expressed by any […]

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Why the convention centre sucks, part 2

Convention centre supporters are consistently touting about the job-creation potential of the proposed convention centre. “A new convention centre could result in as many as 12,000 new jobs,” says Infrastructure minister Bill Estabrooks. “A shadow bid prepared by Deloitte…estimates the project will add $893 million to economic output, $171 million in taxes and 28,000 jobs […]

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