Infrastructure Ontario published the lease it signed with Therme on Thursday, with the government touting the benefits it claims the deal will bring for taxpayers.
globalnews.ca
The province’s infrastructure agency released Therme’s lease of Ontario Place’s west island on Thursday
www.thetrillium.ca
Few more clarifying notes from the star, global, and trillium
- property taxes utilities and fees are owed to the city
- 1.1 bil in rent payments. So about 14 mil per year over 75 years
- 855 mil in "maintenance payments". This the part where Therme maintains the beaches and trails, I think. Its about 12 million per year
- combined to about 26 million per year
- rent is paid based on 3.5% of the land value, indexed to inflation starting in 2025 which amounts currently to 2 million. Little surprising theyre paying rent on the land when the spa isn't even built.
- Rent seems to ramp up after 2034 where its around $40 million a year
- total of 84 million per year between 2034 and 2044. Unclear if thats total or per year
- If Therme beats preformance expectations the government gets millions extra starting in 2034
