The City and RM keep talking about the 35.7 million dollar project. Let’s have a look at the numbers, because that is what real business people do when analyzing a project.

City 16 million

RM 8 Million

Federal Government 3.3 Million

Manitoba Government 5.0 Million

Donations and Naming Rights to date 1.2 Million

Additional Fundraising yet to come 2.2 Million. (It is interesting that in the past they talked about 4 million total fundraising and they have already scaled that back to 3.4 million)

So that is 35.7 million

What about interest costs to repay the loans taken out by the City and RM? Local taxpayers have to pay that back so it needs to be included in the cost.

RM 4.2 Million in interest costs over 15 years

City 6.4 Million in interest costs over 15 years

So that is 10.6 million in interest costs over 15 years which is included in local taxes

35.7 million quickly becomes 46.3 Million

Now here is the kicker.

The RM has indicated that the facility will operate with a 1.2 Million dollar deficit every year. This burden will also be placed solely on local taxpayers.

Over the first 15 years that is another 18 Million Dollars

46.3 Million quickly becomes 64.3 Million dollars of which

52.6 Million Dollars will be paid directly by local taxpayers in the City and RM

Just think what could be done in this community with over 50 million dollars? How many jobs could be created by industry and businesses moving to Portage because we are forward thinking and have a tax structure friendly to business?

Where will the City get the huge amount of money needed for Sewer plant upgrades in 2012 / 2013 ? A project that will have long term effects on the environment and is for the good of all residents in the area.

Instead we want to spend it on a hockey rink and half a swimming pool.

So much for forward thinking ………….