The proposed Markham Arena is once again making headlines—of the negative type. The Town is preparing its first open house on the NHL-sized facility for next week. Meanwhile, more Town councillors are voicing their opposition to the $325 million venue, which has not yet secured an NHL team for the suburban municipality. A private financial review of the project conducted by the Town has not yet been made public.
A recent Toronto Star article questioned the financial viability of the proposal, which may be reliant on winning an NHL franchise, although its proponents argue that that is unnecessary. The arena is being financed by loans taken out by the Town of Markham, to be repaid though development charges.
Earlier criticism had focused on the uncertainty of development charges as a source of revenue, since they cannot legally be enforced to fund such a project.
The arena would put Markham ahead of Waterloo and Hamilton in the running to win the Greater Toronto Area’s long-coveted second NHL team.