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With the money in hand, they demolished an old concrete leviathan and replaced it with a modern glassy bubble.
By now, the Shaw Centre by the Rideau Canal was supposed to be turning a profit of $6 million a year on $26 million in revenues, according to the business case for the publicly funded reconstruction it undertook a decade ago. The centre hasn’t published an annual report yet for past year, but its financials are included in the provincial government’s public accounts, detailed statements for all the government’s ministries and agencies recently tabled in the legislature.“While the centre is expected to be able to meet its obligations relating to its ongoing operations as they come due, the centre does not expect to have sufficient cash on hand to make this payment in addition to meeting its other liabilities,” say the centre’s financial statements for the 2016-17 fiscal year. The province owns the Shaw Centre — convention centres are typically public, sort of like business-oriented community centres — as a Crown corporation.
The province is also the centre’s biggest creditor.
Gathering our jangled wits, we made a tactical retreat to the corner of the store, sipped some chamomile tea, took some deep breaths and tried not to think about politics. ” I wondered aloud when we finally made it back to the room.
“Probably eat a cocktail of Valium and LSD and go on a bender down Sunset Boulevard to see how many cops he could antagonize before he got arrested.” “That sounds awful,” said my friend, from her strategically recumbent position underneath a fuzzy blanket. “Do you want to watch the video where the little pig goes down the stairs?
But through the provincial government, we taxpayers own the thing anyway. In exchange, the Toronto centre turns over at least $2.5 million a year from its profits.
Much more, in a good year — it’s up to .5 million in those payments.
Now the debt is up over million and that -million payment is on the horizon.
They’re working on it, says chief executive Nina Kressler.
Ottawa’s convention centre won’t be able to make a -million payment on a loan it still owes for its construction, the centre’s bosses have told the provincial government.
The payment is due next September, after a five-year break from payments on what started as a -million loan but has grown to nearly million.
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