Working with the Government of Saskatchewan and the Roughriders, the vision for a new stadium has evolved into a plan that makes sense for Regina. This community facility will bring the maximum benefit with a minimum cost to taxpayers. The cost to design and build the stadium, including site preparation is $278.2 million.
On July 14, 2012, the City signed a non-binding memorandum of understanding (appendix) with the Government of Saskatchewan and the Roughriders. This document details how the three organizations will work together to build and pay for the stadium.
The cost of this project is $278 million. The Provincial Government will provide a grant of $80 million over four years, the City of Regina will contribute $73 million and the Saskatchewan Roughriders $25 million. The Riders’ contribution will be generated through naming rights, sponsorships and other sources.
The Province will also extend a 31.5 year, $100 million loan to the City of Regina. This loan will be primarily repaid through a facility fee that will be increased from $10 to $12 at Rider games. It’s important that a big part of the stadium price be covered by the people who use it.
The City has planned to pay for the stadium for 31.5 years after construction wraps up in 2017. Over 31.5 years, $200 million is earmarked for maintenance and rehabilitation alone. This money will guarantee the complex is in good working order for generations to come.
The facility fee is one way to cover long-term costs. Regina citizens will also contribute to the new stadium through a small increase in property taxes. Each year for ten years, property tax in Regina will increase by 0.45 per cent. For the average family home that means an incremental increase of $5-6 per year for 10 years.
By using a Public Private Partnership (P3) to build the new stadium the City shares risk with private partners and reduces the chance of unexpected costs. A Design Build Finance (DBF) Model P3 will be undertaken with a group of private partners. In this arrangement, private sector partners will design and build the stadium up to a guaranteed maximum price of $278 million. They will also finance the project until completion. Once we are satisfied the project is complete, the partners will receive the final payments.
The stadium is a big project with many different organizations involved. There are two levels of committees. The Stadium Funding Committee has been established to finalize and oversee the requirements of the final funding agreements based on the Memorandum of Understanding (MOU), and includes the City of Regina, the Government of Saskatchewan and the Saskatchewan Roughriders. The Stadium Implementation Team is a larger group, including the City, Evraz Place and the Riders. Both these committees are advised by external consultants, including:
- ZW Project Management and PC Sports, Project Manager
- Mott MacDonald, Pattern Design and P3 Architecture, Engineering and Architectural Advisor
- Deloitte, Business and Financial Advisor
- P1 Consulting, Fairness Advisor
- Funding Proposal
- Media Release
- Executive Committee Report
- P3 Policy Framework (CR12-30),
- Memorandum of understanding
- Funding and Financing Model
- Request for Qualifications Evaluation Criteria
- Purchase of Additional CP Lands