City to review stadium agreements next week
A City of Winnipeg committee will review its role regarding IG Field at a committee meeting next week.
Last month, the province announced a new agreement “to protect and sustain the viability of IG Field” with the Winnipeg Football Club and IG Field’s ownership group Triple B Stadium Inc. —which includes the City of Winnipeg.
The deal suspends current debt payments by Triple B Stadium Inc. on IG Field, essentially ending the province’s expectation Triple B Stadium Inc. will repay the outstanding balance of its loan. The province also established a $10 million capital fund to be used for ongoing repairs at IG Field.
Under the previous agreement, the city required entertainment funding taxes and facility fees on Winnipeg Blue Bomber ticket sales to pay back loans from IG Field’s construction.
The Executive Policy Committee will look at amending the Entertainment Funding Tax Agreement with Triple B Stadium Inc. and the Winnipeg Football Club. The new agreement would allow the Winnipeg Football Club to use the entertainment funding tax grant at its discretion.
The city’s report said “there is no impact to the financial position of the City if this amendment is approved, and it will help position IG Field and WFC for success in the future.”
The report also states allowing the Winnipeg Football Club discretionary use of the entertainment tax grant is similar to the city’s agreements with True North Sports and Entertainment and the Winnipeg Goldeyes.
Under the new agreement, the city would no longer be a member of Triple B Stadium Inc. or appoint a representative to Triple B’s board of directors.
The Executive Policy Committee will review the existing and proposed new agreements on June 16th.