POLS 2250 Lecture Notes - Federal Accountability Act, Internal Audit, Common Purpose
24 Mar 2013
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Key details: p3 arrangements between city of guelph and nustadia. City - . 5 million; loan guarantee of million for. Nustadia - . 5 million: intended city benefits. Reduce cost to build (particularly important since it could have been built cheaper in west end) Would"ve been a lot cheaper, parking would not have been an issue neither would placement of the arena. No risk of operational loss: guelph centre partners (gcp) 35 year lease, opened fall 2000, operational problems. Mid-2001 company had no money to pay principal and interest payments: 2 options for moving forward. City to pay taxes and loan payments until june. Public administration issues: additional costs to taxpayers ( million debt & million loan, transparency lack of access to company books. Conceded to very limited amount of city officials to look at the books in toronto: risk must truly be shared.
