How does this project affect tax payers?
Nova Centre (including the convention centre) is being built at the developer’s cost and risk, with no government money other than lease payments, which will commence at the time of occupancy. The Province has signed on as a tenant, and, like all tenants, it will pay for its own leasehold improvements.
In this case, the Province will pay $51.4 million toward its leasehold improvements upon completion of construction of the convention centre. Because it is integrated into the Nova Centre, the new convention centre is being built at cost. Rent is based on a fixed-price. The three levels of government are paying for their leaseholds and paying rent over 25 years.