The second phase of a $240,000 study on updating the aging city-owned FirstOntario Centre is now underway thanks to billionaire Ron Joyce and other private sector funders.

When complete, the study will include costed options for a possible two-phase transformation of the 30-year-old downtown arena.

The first phase could see the lower bowl turned into a state-of-the-art 8,000 or so seat facility.

The second phase could see the entire building upgraded to 21 {+s} t-century NHL standards.

Along with Joyce, the Carmen's Group, FirstOntario Credit Union, LIUNA, and Fengate Capital have contributed money to pay for the study, according to Jasper Kujavsky, the consultant and lawyer who's stickhandling the initiative for the city.

Kujavsky declined to say if there are also other unnamed partners participating.

"I'm very excited and looking forward to when people can actually get a visual sense of what this building is capable of," he said.

That's expected to happen, complete with concept renderings, by late June

The report will also include a preliminary evaluation of turning the district around the 17,000-seat FirstOntario Centre — formerly called Copps Coliseum — into a sports/entertainment/hospitality precinct, which could include a new convention centre.

Mayor Fred Eisenberger says he's delighted the private sector stepped up to fund a detailed appraisal of the aging facility, which the city may have had difficulty finding the money for.

"I think the review or study of this is fundamentally important. Full Stop."

Eisenberger looks upon the private sector help as a "charitable donation" that comes with no strings attached if and when the city decides to upgrade or repurpose the arena and the surrounding area.

"They have a clear understanding that if some decision was made to expand or retrofit or whatever that a competitive process would ensue and they may or may not decide to be part of it."

Eisenberger is also pleased at the "positive and creative" way the review came together.

The city hired Kujavsky to co-ordinate it last year. In return for a $50,000 fee, Kujavsky undertook to drum up the necessary support.

He initially raised $100,000 to review the mechanical, electrical, structural and maintenance systems. He then raised an additional $140,000 to look at modernizing options, the piece now underway.

Kujavsky commissioned Toronto-based Brisbin Brook Beynon Architects (BBB) to do both the short and long-term work.

BBB are internationally recognized experts in sports-related venues. Among other facilities, they designed the Air Canada Centre in Toronto and led renovations at Madison Square Gardens in New York, Calgary's Saddledome, and Edmonton's Rexall Place.

According to Kujavsky, BBB's initial report, which hasn't been released, shows that FirstOntario Centre is in good shape. Certain features and designs elements need refreshing, but overall it has "good bones."

Kujavsky notes the load-bearing capacity of the roof has proven to be a significant part of the appraisal.

"It goes without saying that a roof designed 30 years ago is not the same as a roof designed today. Buildings have changed in regards to their load-bearing capacity and it's a fact that touring shows today have heavier rigs and lighting equipment."

Presumably, the second part of the study will provide options for dealing with that and other issues.

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Kujavsky estimates that full transformation into an NHL-ready arena would cost about $300 million. He figures a standalone lower bowl conversion would cost about $100 million.

Obviously, the city is not in position to afford either at the moment. But as city manager Chris Murray noted when he hired Kujavsky, the review will spell out the kind of money needed to maintain the building in its current form, as well as prepare the city to take advantage of any opportunities that may arise.

The fact that the city is getting a $240,000 report in return for a $50,000 payment to Kujavsky is a pretty good ROI. And, hopefully, the private sector's involvement sets the stage for the day when options become actions.