torontosports
21 Oct 2005, 05:23 PM
CANADIAN PRESS
Another step forward for the proposed soccer-specific stadium in Toronto.
City council's Policy and Finance Committee endorsed the 20,000-seat venue by an 8-1 margin Thursday, adopting the pro-stadium recommendation made by the Exhibition Place board of governors on Wednesday and recommending that the full council give its approval next week.
The $63-million stadium, to be located at Exhibition Place near the waterfront, now goes before the full council (44 councillors and the mayor) next Wednesday.
While following the Exhibition Place board in giving the stadium plan a thumbs up, the Policy and Finance Committee also asked the deputy city manager and chief financial officer to submit a report at next week's meeting "on the financial implications and risk exposure to the City."
They also asked city officials to start work on a plan for community access to the stadium.
The federal government has pledged $27 million to the stadium with another $8 million from the provincial government. If the city provides its $9.8 million, that leaves a little more than $17 million needed to complete the project.
Naming rights and a reported $8-million contribution from MLSE are expected to make up that shortfall.
The Canadian Soccer Association, City of Toronto and Maple Leafs & Sports Entertainment have already struck concluded an agreement on how to run the stadium. MLSE needs the stadium to land an MLS expansion franchise.
Major League Soccer gave MLSE and the City until Oct. 31 to sort out the stadium issue, threatening to look elsewhere for an expansion home unless the issue was settled.
The 12-team MLS added two new franchises this season: Real Salt Lake and FC Chivas, which plays out of Carson, Calif. Those expansion franchises cost $10 million US apiece.
MLS says the expansion price tag this time will be "slightly higher."
The league is looking for a second expansion team in 2007, with the leading candidates Cleveland, Philadelphia, Houston, Milwaukee and St. Louis, Garber said.
Exhibition Place is located opposite Ontario Place on the lakefront. It used to be home to the Toronto Argos and Blue Jays at Exhibition Stadium, and currently houses the American Hockey League's Marlies at the Ricoh Coliseum
Another step forward for the proposed soccer-specific stadium in Toronto.
City council's Policy and Finance Committee endorsed the 20,000-seat venue by an 8-1 margin Thursday, adopting the pro-stadium recommendation made by the Exhibition Place board of governors on Wednesday and recommending that the full council give its approval next week.
The $63-million stadium, to be located at Exhibition Place near the waterfront, now goes before the full council (44 councillors and the mayor) next Wednesday.
While following the Exhibition Place board in giving the stadium plan a thumbs up, the Policy and Finance Committee also asked the deputy city manager and chief financial officer to submit a report at next week's meeting "on the financial implications and risk exposure to the City."
They also asked city officials to start work on a plan for community access to the stadium.
The federal government has pledged $27 million to the stadium with another $8 million from the provincial government. If the city provides its $9.8 million, that leaves a little more than $17 million needed to complete the project.
Naming rights and a reported $8-million contribution from MLSE are expected to make up that shortfall.
The Canadian Soccer Association, City of Toronto and Maple Leafs & Sports Entertainment have already struck concluded an agreement on how to run the stadium. MLSE needs the stadium to land an MLS expansion franchise.
Major League Soccer gave MLSE and the City until Oct. 31 to sort out the stadium issue, threatening to look elsewhere for an expansion home unless the issue was settled.
The 12-team MLS added two new franchises this season: Real Salt Lake and FC Chivas, which plays out of Carson, Calif. Those expansion franchises cost $10 million US apiece.
MLS says the expansion price tag this time will be "slightly higher."
The league is looking for a second expansion team in 2007, with the leading candidates Cleveland, Philadelphia, Houston, Milwaukee and St. Louis, Garber said.
Exhibition Place is located opposite Ontario Place on the lakefront. It used to be home to the Toronto Argos and Blue Jays at Exhibition Stadium, and currently houses the American Hockey League's Marlies at the Ricoh Coliseum