The businessman who wants to buy Mile One says he would not require any subsidy and would pay fair value for the building. However, the owners, the City of St. John’s, say the subsidy is also responsible for generating economic spinoff.
Newfoundland Growlers owner Dean MacDonald first mentioned the idea last spring. The city is now looking at the concept of privatization of the money-losing facility, and if it does decide to go that route, it would involve a request for proposals.
MacDonald has no intention of using the building for anything but its intended use. He would spend about $25-million to refurbish and expand the building.
Councillor Jamie Korab, the chair of the board of St. John’s Sports and Entertainment, says they won’t meet with MacDonald because it could tarnish the public RFP process. They expect to have a clearer picture of whether it would be in the best interests of residents to pursue privatization in a month or so.
He says the Convention Centre in 2019 received a subsidy of about $630,000 but returned an economic benefit of almost $14-million.