A new report out of city hall shows the price of tickets to football games and concerts hosted at Edmonton's outdoor stadium will likely rise five per cent starting in 2012, all in a bid to raise funds needed to replace the venue's aging seats.
Officials anticipate that over a ten-year period, the move will generate $5.5 million from Eskimos events and $2.5 million from other sources of entertainment.
According to Edmonton's Chief Financial Officer, that amount, combined with $4 million from the city's Financial Stabilization Reserve, will cover the cost of the initiative.
The report also states administration will seek to sell as many existing seats as possible at $100 each, with $20,000 expected from that venture.
As replacements come in, the city plans to give some used seats to surrounding communities for their use in recreation facilities. Other seats will be retained for spare parts, while the remainder is slated for recycling.
City administration plans to return to council this fall, in order to seek approval of a bylaw for the collection of the proposed five per cent surcharge.
The city's community services department will review the report next Monday.
More to Come…
