Markham arena group making major announcement

Is the proposed GTA Centre finally going to get the private funding some local politicians have been seeking?

For the past two years or so, there have been concerns in the Markham area that the NHL-sized arena would suck up too much public money in order to become a reality.

But a new funding structure could be in the works, a reworked financial foundation that could be the reason why GTA Sports & Entertainment — the organization behind the project — has called a press conference on Saturday morning to hold a “major” announcement.

According to the Markham Economist & Sun, Markham mayor Frank Scarpitti said Friday that a group of developers is considering putting about $120 million toward the estimated $325- million project.

Scarpitti will join Graeme Roustan, chairman and CEO of the arena group, and representatives of the development community at the presser. Scarpitti said the project to date has a commitment of $70 million from developers with a commitment for another $50 million still being sought.