The City has struck a tentative 25-year deal with Oakview Group to operate Saskatoon’s planned downtown arena and convention centre.
Oakview Group, referred to as OVG360, will manage the convention centre and theatre two years before opening and then assume operations of the facilities once they open as part of the long term deal the city says will generate $170 million in cash flow.
“It’s $170 million we won’t need from property taxes to support the project,” said Dan Willems, the city’s director of technical services, transportation and construction.
“That’s point blank what it is. That’s huge.”
Willems, who is leading negotiations for the project, said his heartrate was high throughout the “intense” negotiations, which began on May 15 as both sides worked to a final agreement.
Willems said the net present value of the deal would be equivalent to $89 million in funding …