Lansdowne Partnership Plan - Authorization to Proceed to the Next Steps in the Redevelopment Report

The recitals

• the City, not the Lansdowne Partnership or the Ottawa Sports and Entertainment Group (OSEG), owns Lansdowne, including the stadium, the arena and the retail space
• future City debts for the Lansdowne 2.0 plan will not be covered by the proposed revenues generated on the site, with staff estimating that the City will be responsible for total of $419 million
• the estimated total annual debt servicing requirement for the 2.0 Plan is $16.2 million in annual costs, of which $11.2 million is expected to be offset by revenues generated through the plan, resulting in a net annual cost to the City of $5 million
• certain revenues generated in the Lansdowne 2.0 plan, including revenues realized through residential and commercial property tax uplifts, hotel taxes, and the sale of air and subterranean rights, could be generated without the without City’s ownership of lands and assets
• the Lansdowne 2.0 plan is expected to further increase the value of City-owned lands and assets, including through the creation of a $419.1 million asset for a net cost of $95.4 million
• Council could consider other revenue streams to further offset costs and reduce risks, including through the leveraging, development, or exploration of alternative uses of the City-owned lands or assets not presently considered in the Lansdowne 2.0 plan
• the City could reduce its debt liability, net costs to taxpayers, and other financial risks by leveraging, developing, or by exploring alternative uses for certain City-owned lands or assets
• the costs, benefits, and relevant legal considerations associated with the leveraging, development, or advancing of alternative uses of certain City-owned lands or assets must be better understood to confidently determine what approach is best aligned with the City’s interests.