Auditor General Tables Agile Audit of the Lansdowne 2.0 Redevelopment

Ottawa - Today, Auditor General Nathalie Gougeon tabled the Agile Audit of the Lansdowne 2.0 Redevelopment – Sprint 1 which is the first of an iterative cycle of audits on this project. The focus of this audit sprint was the financial proposal presented to and approved by City Council in November 2023 and the associated due diligence applied to it. 

As per the audit report, various aspects of the financial proposal were supported by reasonable assumptions and supported analysis, including retail revenue projections, air rights valuation, and stadium/event centre revenue projections. 

The audit did, however, note that construction cost estimates were optimistic and could be understated by $74.3M for the Event Centre/North Side Stands and by $2.7M for the 140 new parking stalls being constructed.  

The audit also identified risks associated with specific revenue and expense projections that could have a significant impact on downstream Partnership distributions, for which the City is expecting to support debt repayment. The audit quantified the risk associated with not achieving specific assumptions, which would result in $10 - $30 million estimated lower distributions, per risk scenario, available to the City from the Partnership.  

Overall, the audit highlighted and quantified specific risks within the Lansdowne 2.0 financial proposal and potential impacts to the City to help inform future decisions linked to the project. Two recommendations were issued from this audit. 

 A full copy of this report is available on the Auditor General’s website, www.oagottawa.ca.   

For more information: 
613 580-9602 
OAG@ottawa.ca