City Council had the opportunity on August 14th to get details about a private partnership deal with OVG360 for the proposed new Downtown arena and convention centre.

City councillors voted unanimously to receive the presentation without making any recommendations, and instead leaving that and any final vote on the matter until an August 28th meeting, or when a representative from OVG360 can be present for additional questions and information. OVG360 is still finishing their internal review of the deal and has been unable to be present for council to date.

If approved, the city will see OVG360 invest $20 million upfront for the construction of the arena. City planners have projected another $150 million in revenue-sharing for the city over the 25-year term of the deal.

Asked what a council vote in favour of the private partnership plan means in terms of the overall project, Willems said it wouldn’t bind the city in any way to building the DEED. He noted that council still needs to approve a DEED funding strategy, which is also expected to arrive at its Aug, 28th meeting.