Budweiser Gardens upgrades get green light from city council following debate
Global News
Councillors voted on Tuesday to approve the report, from professional services firm KPMG, which outlined some specifics of the $33.3-million project’s return on investment (ROI).
City council has approved the expansion and renovation of Budweiser Gardens, agreeing to pay more than $26.7 million for arena upgrades.
Councillors voted on Tuesday to approve the report from professional services firm KPMG, which outlined some specifics of the $33.3-million project’s return on investment (ROI) through detailed analysis.
Following councils decision, London taxpayers will pay roughly 80 per cent of the enhancements, but as Mayor Josh Morgan explained, the deal will mean that the city receives enough funds to pay both the debt and principal.
“We would get additional revenues from…the new agreement, as well as the activity generated Budweiser Gardens, which has done very well since post COVID,” he told council.
The KPMG report estimates that city hall will receive $53 million of incremental cash flow over the next 30 years following the completion of the two-phase renovation.
However, staff predict that the city could exceed the ROI projected in the initial report.
According to the proposal, the project will be divided into two construction phases, the first estimated at around $15.1 million for “customer facing upgrades,” including improvements to the lounge, multi-purpose event space, the London Knights dressing room, and food and concession areas, among others.
The second phase will focus on “back of house” renovations costing $18.2 million and is set to go towards expanding event space, renovating offices, kitchens and bars as well as upgrading audio-video services in the arena.
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