Ottawa city council has approved the final plan for the redesign of Lansdowne Park, one that includes changes to the financial plan first put to council in 2010, by a vote of 21-3.
The only councillors who voted against the plan are Diane Deans, Diane Holmes and David Chernushenko. As it was expected the large majority of city council wanted to see the deal completed in order to begin construction.
Major construction could begin as soon as Monday, Oct. 15.
Ottawa Sports and Entertainment Group is likely to see a large share of early returns from Lansdowne Park, in part because they have shouldered the early load on costs leading up to the project.
As part of their partnership to redevelop the park, the city and OSEG came up with a formula to determine the equity stake each had in the project. The funding equity is a measure of both investment in the project as well as risk.
In 2010 OSEG's initial investment, or funding equity, was set at $30 million. But delays and design changes mean they're now investing $56 million.
"We're putting a lot more equity into this than we ever expected, and so the risk to us, is much much greater than it was in 2010," said OSEG chair Roger Greenberg.
OSEG is also on the hook for any more cost overruns.