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Kingston Concerned About the LVEC
Currently known as the "KROCK Centre"
Formerly the "Kingston Regional Sports and Entertainment Centre" or KRSEC
Formerly the "Large Venue Entertainment Centre" or LVEC
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The "straight facts"
History teaches us that cost and benefit estimates provided by promoters of sports stadiums should never be taken at face value.
This is one of several print ads in a $50,000 pro-LVEC media campaign by Kingston Accommodation Partners and others incluing KEDCO, the arm of City Council that's supposed to be selling Kingston to outsiders, not selling LVECs to City Councillors.
Plans call for a 300-seat restaurant (yield here) that will be in serious competition with downtown restaurants on event days.
The proposed building encroaches significantly into Barrack and Place D'Armes streets, which need to be narrowed and re-aligned to make the building fit.
The WatchKingstonGrow.com domain was registered by Kingston Accommodation Partners on April 11, 2006 for one year, expiring in April 2007. The proposed building would open in December 2007.
The LVEC Business Plan says the $18 million dollars shown in the pie chart are not "Operating Profits" but rather projected cash flow from operations that is needed to service a large debt. The plan redirects about 50% ($3M) of city-wide development levies (those otherwise ear-marked for recreation) to the LVEC. The Downtown BIA is only carrying the borrowing costs on $3M in taxpayer debt. The $2M in donations, if achieved, will not be available for other good causes. The plan depends on $8M in doubtful grants that will factor in Kingston's ultimate tally. The plan calls for raiding $3.3M from reserves which will need replenishing. All these things are ultimately connected to property taxes. Take note: there is no pie-wedge for contingency and cost overruns.
... owned by the Springers...
... and other downtown land owners.
None of these "Proud Supporters" have much, if anything, to say on their websites about the LVEC project. See KAP - KEDCO - KCA - KBHA - Chamber - Boys and Girls Club.
...benefitting whom?

The whole deceptive pro-LVEC ad campaign:

 

Last updated May 9, 2006