Winspear Centre Completion Project | 29.87m | 4s | Winspear Centre | Andrew Bromberg

[northlands]

On the agenda: Surplus, capital budget, Winspear parking

This week, council is set to receive an update on the operating and capital budgets and discuss a potential parking revenue agreement with the Winspear Centre.

edmonton.taproot.news

So if I'm understanding this correctly:

• The City loaned $12.9m to the Winspear for constructing a parkade in 2014, to be paid back (at least partly?) via parking revenue
• The City then put the main boiler for the district energy system within the Winspear expansion, in exchange for doing so, the City agreed to (potentially) share revenue from the Century Place Parkade, despite the fact they want to sell Century Place and this could hamper market interest in the asset
• The parkade for some reason (value engineering? district energy system taking away space?) has less than half the stalls than originally planned, while also still not being open 11 years after getting the loan from the City
• The parkade is now expected to produce less parking revenue than expected, due to the less stalls, which will inhibit the Winspear's ability to pay back the $12.9m they owe the City
• The City is now mulling either spending another milly in security upgrades for Century Place parkade in order for the Winspear to feasibly use it, or just shovel the Winspear a $5m payout, while admitting they have no legal obligation to do anything

Again, I am very happy for this expansion getting done, but good lord this just continues to be such a neverending fiscal black hole mess of a project

 

[Edmcowboy11]

Well I'm not suggesting there should be any handout to the wind spear but on the flip side of that a fully operating and busy Winspear Center will definitely improve the area as it will bring many more people to the area which hopefully can encourage other parts of the quarters to start to develop further.

 

[inclusion]

Well I'm not suggesting there should be any handout to the wind spear but on the flip side of that a fully operating and busy Winspear Center will definitely improve the area as it will bring many more people to the area which hopefully can encourage other parts of the quarters to start to develop further.

If the Winspear hasn't spurred development in the Quarters to date, I don't think this new expansion will suddenly be the driver. People need basic necessities and safety to want to live in a neighbourhood, not an improved music and concert hall. I say that as someone who frequents the Winspear and loves the place.

 

[David A]

If the Winspear hasn't spurred development in the Quarters to date, I don't think this new expansion will suddenly be the driver. People need basic necessities and safety to want to live in a neighbourhood, not an improved music and concert hall. I say that as someone who frequents the Winspear and loves the place.

I didn't realize that the main purpose of this expansion was to spur development in the Quarters. I thought it was for an improved music and concert hall.

 

[inclusion]

I didn't realize that the main purpose of this expansion was to spur development in the Quarters. I thought it was for an improved music and concert hall.

I didn't realize I said that was the primary purpose at all; rather, I was pointing out that it hasn't helped spur development in the quarters.

 

[The_Cat]

I don't think the Royal Alberta Museum is responsible for development in the Stationlands either. They complement surrounding development.