A new NHL-sized arena may still get built in Markham, but its original funding plan appears doomed.
On Thursday, deputy mayor Jack Heath withdrew his support for the “financial framework” of the deal that calls for the suburban Toronto municipality to borrow $325 million to construct the 20,000-seat venue.
Under the controversial proposal, businessmen Graeme Roustan and Rudy Bratty would pay back half the $325 million of the debt, plus interest. The other half would come from residential developers via a levy on new homes.
It’s believed a majority of the 13-member council is now opposed to the plan.