Earlier this year, Northlands announced its plans for Vision 2020 and its plans to upgrade and revitalize the space since their largest tenant, The Edmonton Oilers, are making their move to Rogers Place. The plans included converting Rexall Place into a multi-purpose sports facility, converting the Hall D at the Edmonton Expo to accommodate larger concerts as well as creating an expansive outdoor area for events and outdoor concerts. Initially the proposal came in at $165 million however that figure was not quite accurate as the plans did not take into account the costs to complete the planning, consulting and design. In fact, in order to complete the plans as proposed earlier this year, it will require an additional 40 or approximately an additional $105 million. The mayor and city councilors have expressed concern about putting more money into the project, especially considering the fact that Northlands has been under-performing for years and is expected to loose $7.7 million annually especially with loosing the Edmonton Oilers and the revenue that would bring. The loss of the Oilers is not the only issue that Northlands has been facing, it has also been struggling to attract enough concerts, conferences and conventions. This last year alone, Northlands only was able to have 6 concerts in 2015 and the city council members feel that the proposed 50 concerts a year that will occur in new renovated Hall D at the Edmonton Expo Centre. Mayor Don Iveson feels that a more realistic expectation of 20 to 24 concerts in a hall of that magnitude. He believes that bringing 50 concerts to the Expo Centre will negatively impact other venues in the city. The Mayornbsp;is urging the city council officials to be cautious and realistic with putting more money into the project especially considering the venue has been under-performing for years. He will be pushing for a resolution soon in order to figure out a way to continue to allow Northlands flourish and feels that the city should work on redevelopment plans immediately.nbsp; Northlands have requested that the city forgive their outstanding debt of $47.4 million which totals $72.8 million if you include interest. If the city were to agree to those terms it would result in a 0.3 increase in property taxes to the residents of Edmonton. This option is not favorable and the city has allowed Northlands to defer its payments until they can find a viable solution to continue their payments. Although Northlands has never missed a payment, they are stating that they will not be able to make their September payment. What are your thoughts on the news of Northlands Vision 2020 plans? We would love to hear from you Leave us a message in the comments below. Get A Free Home Evaluation

 via Edmonton Real Estate Blog http://www.paranych.com/blog/northlands-vision-2020-project-is-in-jeopardy.html