Next week’s city council meeting will include a report directing the final steps to wind down the city’s involvement in the Kingsway Entertainment District project, which council voted to effectively kill on July 12
When all is said and done, the city will have sunk approximately $5.2 million into the Kingsway Entertainment District – a proposed municipal arena/events centre which never came to be.
The $5.2-million figure includes the $3.76 million previously identified as having been spent on the project, plus $1.44 million required to close out the project. The total is the city’s latest estimate, and a final figure will be reported by the end of the year. Sunken costs include a $1.3-million settlement to Bot Engineering & Construction Ltd. awarded after the city backed out of proceeding with site preparation work at the last minute last year after Gateway Casinos decided to put their investment on hold. Sudbury.com last reported this settlement at $1.1 million, but that was the cost to date according to the municipal report of the day, which has since been updated. The city’s share of the $1.3-million settlement is $787,800.
As for the land designated for the municipal share of the project on The Kingsway, it was given to the city for a nominal fee under an agreement the city would transfer it back to the developer in the event they failed to proceed with the project within five years. This will automatically take place on July 31, 2023.
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