The public funding debate

I'm not sure how aware you may be, but there seems to be a great debate in the great white north about $400 million dollars of public funds to build a new arena in Quebec City.

If any location in Canada can support two teams, it would be Quebec (Ottawa already has two), but should taxpayer money go towards paying for a new building when there's no clear evidence that a second team will actually come back to the province? I am not familiar with the landscape of Canadian politics, so I cannot even begin to speculate what side of the aisle is saying what. I'm just throwing this topic out for debate. I don't see why there wouldn't be enough private capital raised to do this without government interference. Also, when to government funded jobs go according to schedule?
My biggest concern with all this, aside from the money issue which i will leave to the locals up there, is what team(s) would move north? Commissioner Bettman has been very pro expansion into non traditional hockey markets, and still holds on to this idea, despite the fact that most of these teams have failed. Looking at list of struggling hockey teams, notably the florida franchises and phoenix, I think all franchises could stand to benefit from a change of scenery and a wealthier owner. With that said, apparently Winnipeg has a building ready to go, so why not move back the Coyotes? It clearly has not worked in the desert with consistently low attendance and, last season as an exception, poor performances.
Florida has been out of the playoffs since 2000, and has also suffered from poor attendance. Only Tampa Bay has had some success, with a cup win and multiple playoff appearances. They have also had more than their fare share of mediocre to dismal seasons and are seemingly in a perpetual state of flux as far as ownership and direction goes. Although that may be subject to change with current owner, and Steve Yzerman as GM.
We could also argue that Columbus and Nashville could be moved, but Nashville has had some type of success despite a smaller payroll and problematic ownership. Although from what I've read, it appears that local buyers are now in control of the franchise, and hopefully that will help them go to that next level. Columbus has been a lower level franchise since it's inception. While i understand that most teams will not come out and be successful right away, but a decade in the league and only 1 playoff appearance is not what i call a prosperous franchise. They've also routinely finished in the bottom half (if not last) in their division since their inception, and that includes the season they made the playoffs.
So while I went off a on tangent there, the case is made for relocation rather than expansion, but it still all comes down to money. Should the public have to fund the building of a new arena to house one of these teams? I looked at the most recent venue i could think of, the Prudential Center in Newark home of the New Jersey Devils, and I see that it was a public/private collaboration of funding to have this built. If there is a push to completely rebuild a section of Quebec City as a commercial park that would house more than just the Nordiques pt.2, then I could agree to some public funds being put forth. However to throw $400 million to just do a new arena is a bit ridiculous.

Canadian readers (if you're out there) chime in with any information that might not be known to myself and others. Also offer your two cents on the matter. whatever works for you.