LMAO.. seriously? Why cuz he gave you beer at the convenience stores? Or did you actually believe that the under the 401 tunnels.was a good idea? LMAO.
Doug Ford is screwing up Ontario
- Thread starter Frankfooter
- Start date
LMAO.. seriously? Why cuz he gave you beer at the convenience stores? Or did you actually believe that the under the 401 tunnels.was a good idea? LMAO.
It’s going to fail the way Google’s what was it electric city failed. Taxpayers getting shafted in the arse as always.
Skoob probably doesn't even notice he's paying way more for beer at the corner store.
People like Skoob and myself don't buy our booze from the corner store. Unlike you cycling ass we drive to our destination so don't have to rely on walking or riding our bike to the closest RABBA
Ok let me spell it out.. the frigging unrealistic projects, the border wall on the south and don't forget the north too... the space force? Or the bleach injected to fight covid.. both are idiots. Not to mention the friends who benefit from them being in a position of power. How's that for comparison?
Weak and desperate actually.
You actually don't know what the Space Force is and which other countries have them do you?
Here:
As perceived security threats mount in Earth's orbit, countries around the world are following the example of the United States and creating their own "space forces."
Nine months ago, in December 2019, the U.S. Space Force was born. The new military branch was created with a focus to protect the nation's satellites and other space assets, which are vital to everything from national security to day-to-day communications.
Now, countries including France, Canada and Japan are following suit, as leaders from those countries' "space force" analogs said Thursday (Sept. 10) during the 2nd Summit for Space Sustainability, an online event hosted by the nonprofit Secure World Foundation.
https://www.space.com/every-country-wants-space-force.html
You actually don't know that Biden continued to build the wall even after he promised he wouldn't and that Kamala Harris has committed to building even more (even though she had also opposed it) do you?
https://www.nbcnews.com/investigations/trump-harris-border-wall-arizona-rusting-2021-rcna173094
Trump never said to inject bleach.
"...at no point did Trump explicitly tell people they could or should inject bleach into their bodies."
https://www.snopes.com/fact-check/trump-bleach-covid-19/
So it looks like you've been sucked in by headlines and didn't do your own research to avoid coming across as ignorant and uninformed.
Instead you just parrot what your left-wing media tells you.
Is that spelled out enough for you?
What is your judgement regarding 'ARTICLE 14 Transfers' which commences on page 121?
How many words of this 297 page agreement have you actually read to formulate any type of judgement?
The scope of your judgement is solely based upon a Thug Fraudian level of hyperbole and fantastical Eiffel Tower visitor type projections that are intended to bamboozle and hoodwink his core of schmucks, rubes, hayseeds and yokels.
Trump was stupid enough to state whether injecting disinfectants inside would help to fight the virus. Really?? By the way Bleach is a very strong Disinfectant as it has an ingredient such as sodium hypochlorite. He may not have told his cult followers to inject the disinfectant, but what does "inside" mean in this context? Of course injecting it in their bodies!!
But here are his exact words including the "Ultraviolet light":
We all know how the excuses that the rightie media desperately tried to make just to cover up his ignorant remarks!!
No wonder that in the past when Trump was promoting Chloroquine as a cure for the Covid-19, and his cult followers who ingested it were supposed to be "miraculously" immune from this Pandemic!!
Arizona man dies after attempting to take Trump coronavirus 'cure'
Wife survives after couple in their 60s ingested chloroquine phosphate, which Trump falsely claimed was approved to treat coronavirus
www.theguardian.com
Why would DoFo do this if its all a great deal for Ontario?
Good analysis of the Spa lease here:
www.canadianarchitect.com
Amid 865 trees coming down, Province releases 95-year lease with Therme
To receive $2.8-4.2 million per year in rent and park maintenance, the Province has committed to spending over half a billion in public dollars now.
www.canadianarchitect.com
It's worse, much, much worse than my earlier calculations, based solely upon the Thug's phantasmal Eiffel Tower-like visitor projections, concluded.
AND even worser, worser, worser yet than "your judgement", now that's a laugh, based upon your learned judgement from poring over ZERO details of the just released 297 page lease.
The lease details that Therme has the right to rent the property for 75-years, with the option for a 20-year renewal for a total term of 95 years. While Therme can terminate the agreement with minimal penalties—$250,000, and back-rent to a maximum of $5 million—the Province doesn’t have an easy way to back out.
If the Province ended the agreement today, they would have to pay Therme $30 million. But the window to exercise this option is closing quickly: it only exists until the “first applicable building permit (excavation permit) for initial construction of any aspect of the Project by the Tenant” has been issued. A fact sheet issued to journalists by Infrastructure Ontario indicates that this milestone will be reached around 2025.
After that, the Province can only cancel the contract after the facility has been operational for 10 years. They can then end the arrangement with 5 years’ notice—but taxpayers would be on the hook to pay for Therme’s buildings to be demolished, and for the facility to be rebuilt at an alternate site provided by the Province. This kind of clause has been described as a “poison pill.”
Therme’s rental cost for the prime waterfront site seems well below market rates for Toronto. The arrangement stipulates a “minimum rent” of 3.5% of the assessed land value, indexed to inflation, as well as, beginning in year six, a “performance rent” of 2.45% of Therme’s gross revenues. However, there is also a ceiling to this arrangement, with rent limited to 8% of the land value.
The current assessed land value, as stated in the lease, is $3.5 million per acre—a number that appears to be on the low side, but that Infrastructure Ontario says relates to the existing land-use and zoning rules for Ontario Place. The rent calculation uses the “core area” of the development, comprising the 8.4-acre footprint of the building. If Therme was to start paying its full rent today, the revenue to Ontario would be a paltry $1-2.4 million dollars per year
To reach the higher end of this rent payment, $2.4 million, Therme would need to make $98 million annually in today’s dollars—meaning having an average of 3,000 visitors daily for 365 days of the year, and charging each of them an after-tax average of $100.
The Province states that over the duration of the lease, the rent will amount to $1.1 billion dollars—but this figure depends on using the almost century-long term of the lease, and applying inflation to the rent over that term.
It adds that Therme will pay property tax and utilities. But since this is provincial land, at current rates in 2024, property tax would amount to only $10,500 a year.
Therme will also be responsible to contribute to ongoing site maintenance, which the government says will amount to $855 million over the term of the lease—but again because of the long lease, this will mean a yearly payment, in present dollars, of perhaps $1.8 million per year.
To receive this $2.8-4.2 million per year in rent and park maintenance, the Province has committed to spending over half a billion dollars in public dollars now.
In order to prepare the site, the Province is contributing some $25 million to flood mitigation, shoreline repair measures, and extending a public trail across the West Island. As Infrastructure Ontario stated in 2022, they are also spending approximately $200 million preparing the site for Therme, and are obligated under the terms of the lease to build and operate a parking garage with 1,600 spaces reserved for Therme customers.
A preliminary estimate for this garage pegged a 2,000-space underground parkade at $307 million. The current plan is to construct a 2,700-space parkade intended to also service the Live Nation concert venue and other visitors to the site. Assuming a straight-line extrapolation, this means the garage will cost some $411 million, bringing the tally of public investment on site preparations and parking to at least $636 million.
The Province states that Therme will spend some $700 million of private dollars on construction, including $500 million for constructing its 8.4-acre waterpark facility, and $200 million on lake infill, shoreline works, and creating 16 acres of public parkland intended to compensate for the parkland that is being razed for the development.
However, while access to that parkland will be open to the public, the lease grants Therme the exclusive right to “conduct commercial activity and programming” on up to 30 percent of that park space. This potentially allows for a high density of commercial activity—comparable to the CNE fairgrounds—with food concessions, midway games, toy and souvenir sellers, personal care services, equipment rentals, cabanas, and other amenities that fit under the broad description in the lease of “year-round, inclusive and diverse, family-oriented, indoor and outdoor aquatic facilities focused on fun, health, wellness and relaxation.”
Ultimately, Therme may not even be the one operating those concessions, or even the facility as a whole. The lease allows Therme to sublet 25% of the project and surrounding lands without seeking the consent of the Province, and allows the licensing of the operation of up to 40% of the project and surrounding lands without seeking the Province’s consent.
The entire lease can also be assigned, but in this case, Therme would need to seek the Province’s written consent, and would share a portion of the revenue from such a lease assignment with the Province. In this scenario, Therme would retain a 25% internal rate of return and 70% of the net proceeds above that amount, with the Province receiving the remaining 30%.
While the lease cannot be assigned to a person involved in an illegal business, these clauses would effectively allow Therme to contract out large parts of its operation, on favourable terms, to parties that it selects without outside vetting or public oversight—or to sell the project outright and pocket the vast majority of the proceeds.
So, for a max of $2.8 - 4.2 million in rent and park maintenance in today's dollar value which over a 100 year period equals MAX $420million in today's dollars.
Minus $638million in public dollars now.
Talk about a freakin giveaway of public assets to private interests over an almost 100 year period.
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Your entire analysis is dripping with speculative hate-based bias with a bit of doom/gloom Nostradamus predictions thrown in. A perfect example of cognitive bias in action!
Is this a test or something?
Ontario Place will be great! You're just disappointed that you can't really find anything wrong with the lease and would rather complain than look forward to the Ontario Place white elephant finally being redeveloped so people can enjoy it.
No, it's not, not even a little bit, not even at all.
It is based upon the actual details in the 297-page lease agreement, with which you have absolutely ZERO comprehension, understanding and the actual reading thereof, compounded with sound, practical, reasoned and thoughtful business analysis, not some pie-in-the-sky, Eiffel Tower-like paid visitor numbers belched out by a Thuggian carnival barker.
You never cease to amaze by always falling hook, line and sinker, by always being played like a rube, hayseed and yokel because of you endearing and undying deaf, dumb and blind fealty to a con man, charlatan and huckster populist who will always do the bidding of developers and private interests against the public interest.
Well, you did say you will reserve judgement until the lease is released.
Now that the lease is released, 2 and 1/2 years later, you are too unconcerned, too shall we say, lazy, unable, unwilling, incapable and incompetent to even read a page thereof, no less forming any "judgement", not even a modicum or a smidgeon of learned/read judgement.
Reading something, and then spewing speculative comments about it doesn't imply that you understand it. It means you are making stuff up based on your cognitive bias.
Not once did you acknowledge the number of jobs that will be created for building it and maintaining it. You know...jobs where people earn money and pay taxes to help pad the socialist lifestyle you feel entitled to.
You think small.
I did read it. I did provide a judgement. You just disagree my opinion...which is Leftist rule #1: if someone disagrees with you, spew hatred towards them and anyone they support.
