The Board
of Governors of Exhibition Place today agreed to enter into an Offer
to Lease for an International Hockey League (IHL) Team Franchise
to renovate and occupy the Coliseum and Hall E (West Annex) of The
National Trade Centre, at Exhibition Place.
O&Y/SMG Canada, manager of The National Trade Centre successfully
presented an Offer to Lease from the owners of the former Phoenix
Roadrunners IHL Franchise to renovate the Coliseum and adjacent
Hall E space to create a modern 11,000 seat arena. The next phase
of the process includes ratification by the Policy & Finance
Committee and City of Toronto Council, followed by a period of Due
Diligence. It is anticipated that construction of the Coliseum and
Hall E will commence in the last quarter of 2000.
The development objectives of Exhibition Place include attracting
private sector development to reinforce recreational and community
aspects of the area, and contribute to the City of Toronto tourism
and waterfront regeneration strategies. In approving the proposal,
Board of Governors Chairman Joe Pantalone stated, "The proposal
to make the Coliseum arena the new home of an IHL franchise will
be a positive benefit for the local community, and will provide
economic impact with no down side risk to the taxpayer."
Mr. Lyle Abraham, President of the Phoenix Roadrunners Hockey Club
(IHL), heads the IHL Franchise ownership team. The renovation of
The National Trade Centre's Coliseum
would see the transfer of the IHL Phoenix Roadrunners franchise
to the Toronto market. Learning that the agreement was set to proceed
Abraham said, "I have expressed an interest in bringing the
Phoenix Roadrunners franchise Toronto for some time. I am thrilled
that we are working to establish our new home in The National Trade
Centre's Coliseum - one of Toronto's landmark facilities. We are
eager to begin this process and look forward to a successful relationship
with Exhibition Place." Created in 1945, the IHL is a family-oriented
sporting corporation and statistics indicate that 1 in 3 fans attending
the games are children.
The National Trade Centre at Exhibition Place is owned by the City
of Toronto and managed and operated by O&Y/SMG Canada. The profitable
year-round tradeshow facility has hosted over 194 tradeshows, consumer
shows and special events since opening in 1997. O&Y/SMG Canada
is a Canadian company offering facility management services to trade
and convention centres, stadiums and arenas across Canada. |
