The government of Ontario will help Hamilton bridge a funding gap when it comes to rebuilding Ivor Wynne Stadium, but it will not break the bank to make the project work.
According to an estimate from Infrastructure Ontario the stadium will cost $158.6-million. The city has capped it's contribution at $45-million while the federal and provincial governments have pledged to combine $70-million. It is believed that $5-million can be generated via a naming-rights fee. That leaves the project short $38.6-million.
The city and the Hamilton Tiger-Cats are still hammering out the details of what is expected to be a 20-year lease agreement at the facility, which will be used as a soccer venue during the 2015 Pan-Am Games. Hamilton must submit a business plan for the stadium to Toronto 2015, the Games organizing committees, by Tuesday. If the numbers do not add up by that time, the facility will be moved to Mississauga or Brampton and build on a smaller scale. Mayor Bob Bratina believes there may be extra money from Ottawa available. "There is substantial money held by the province that is federal that could be directed to projects like this," Bratina said.
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