Pan Am stadium meeting on Twitter

The Tiger-Cats could lose $70 million over 20 years if they run the stadium, but the team is willing to take on those costs, Ticat president Scott Mitchell told council this afternoon.

The Tiger-Cats have agreed to contribute up to $10 million to construct a stadium on the CP lands and Pan Am organizers have given the city an “absolute and final deadline” of Feb. 1, 2011, to finalize all siting and funding agreements.

According to a draft letter of understanding with the city, the $8 million to $10 million commitment from the Ticats is in addition to buying and developing 10 to 15 acres of the rail yard and contributing $200,000 annually, through a ticket surcharge, to a capital reserve fund to be held by the city.

The Ticats have also agreed to operate the proposed stadium for the city, using naming rights, event parking and advertising revenue to offset costs.

An inside source estimates it could cost Ticat owner Bob Young between $4 million and $5 million to purchase and clean up his parcel of the 52-acre site at Aberdeen and Longwood.