City Council considers next steps for Stadium project
On Wednesday, January 16, 2013, Executive Committee of City Council will consider the proposed funding model for the stadium project, a revised Stadium Concept Design and the purchase of additional Canadian Pacific (CP) lands. Executive Committee will also consider giving city administration the go ahead to issue a Request for Qualifications – the first step in deciding who will design and build the new stadium.
A Memorandum of Understanding (MOU) between the City of Regina, the Province of Saskatchewan and the Saskatchewan Roughrider Football Club (SRFC) was announced in July 2012. The financial plan presented to Executive Committee on the 16th outlines the funding for construction and debt servicing as outlined in the MOU.
Total cost for stadium construction is pegged at $278.2 million for design, construction, servicing, planning, procurement and project management. These costs will be funded through:
- $100 million loan from the Province of Saskatchewan
- $80 million grant from the Province
- $73.2 million from the City of Regina
- $25 million from the SRFC
The City expects to raise $259 million through a mill rate increase of 0.45 per cent per year over the next 10 years. Another $175 million will be raised through facility fees and lease payments and $15 million through advertising and sponsorships. These revenues will go toward maintenance and debt servicing. The facility fee of $12 per ticket sold for stadium events ensures that a significant portion of the funding comes from users of the facility.
The first step in choosing a builder for the new stadium is to issue a Request for Qualifications. Three organizations will be chosen from those who respond to the RFQ and asked to provide a proposal for design, construction and substantial interim financing of the project during construction. Council approval of the Stadium Concept Design and RFQ Evaluation Criteria is required before issuing the RFQ.
The Regina Revitalization Initiative involves transforming the CP Rail yards into a vibrant area featuring residential, retail and commercial developments. It also involves redeveloping the current Mosaic Stadium site into a diverse new residential area featuring a variety of housing options, as well as retail and commercial opportunities. The City has reached a deal with Canadian Pacific (CP) to purchase about an acre of land on the corner of Albert Street and North Railway that will become part of the Taylor Field Neighbourhood.
CP has also agreed to sell the City nearly five acres of land along the south edge of Evraz Place. This land will be used as a utility easement and for additional parking near the stadium.
As the project progresses, updates and opportunities for input will be provided to Council and the community.