Pan Am fees covered: mayor

Mayor Fred Eisenberger says he does not see the city having to raise taxes to fund its $60-million contribution to the Pan Am Games -- a Toronto and region extravaganza that will leave Hamilton with a new stadium, velodrome and pool.

Still buoyant on the weekend after news of the 2015 Games bid win, Eisenberger said he is sure there are benefactors waiting to come forward with additional private funds.

"I see a reasonable equation for not having any tax increases, certainly not at this point."

Eisenberger said the city has already identified $60 million, from Hamilton's Future Fund -- a city legacy account created from the 2002 sale of Hamilton Hydro.

"Ten million of that is for land acquisition and $50 million for our contribution to the stadium," he said. "Funds from the province and the federal government will get us to 15,000 seats, and we're looking to the private sector for the balance."

Comments

[Mark-Alan Whittle]

Yea right, and chickens have lips. Saying taxes won't be raised going five years out is nonsense, our taxes are set to increas about 6.5% for next year alone. Hamilton wasn't careful about what they wished for, now they have it in spades. At least there will be two municipal elections between now and then. Fred, and many others will be long gone by the time the Games starting gun fires.