While the project is to be privately funded, 25% of required resources are expected to come from public authorities. CFL side Argonauts are expected to take up a long-term lease, though remaining a secondary tenant.
Recent letter of intent (LOI) gives all interested parties time until May 15 to settle details of the proposed scheme. On the table are capacity expansion of BMO Field to 30,000 (plus 10,000 temporary seats) and almost complete cover of the stadium. First time ever the ground will be able to hold CFL or American football games thanks to retractable seating.
This is why the LOI foresees Toronto Argonauts CFL franchise take up a long term lease of supposedly 20 years. Their current contract with Rogers Centre runs out in 2017, which makes the team free to move to the redeveloped stadium. The Argos would remain secondary tenants with signage only on matchdays, while Toronto FC remains key user of the stadium.
Financing remains as suggested, vastly coming from Maple Leaf Sports and Entertainment Ltd. Of the expected $120 million budget MLSE expect to put forward $90 million and claim full responsibility for any over-runs during construction. MLSE would also manage the project’s delivery.
Remaining 25% should come from public authorities, seeing the city of Toronto, province of Ontario and the federal government each provide $10 million.
Once all agreements are reached, construction mobilization is expected in July 2014, while first excavation works should start in September. All seating changes should be done by May 2015 and in October 2015 construction of the roof is hoped to begin.