Featured image credit: City of Saskatoon
Saskatoon City Council has approved a report outlining a funding strategy to continue to advance with plans for a new downtown event and entertainment district, which will be anchored by a 15,900-seat arena.
The council noted that the funding strategy will not require an increase to the property tax rate and will instead rely on a mix of funding sources. These will include public and private contributions, grants, user fees and other funding tools.
Yesterday’s (Wednesday’s) approval came after the City of Saskatoon last week laid out its funding plan for the proposed C$1.22bn (£688m/€816m/$905m) district. The new arena would replace SaskTel Centre, which opened in 1988, and last week’s presentation outlined that this is expected to cost C$632m.
The wider project will also include the renovation and expansion of the TCU Place convention centre (C$221m) and a C$52m upgrade for Sir Buckwold Theatre. Wider infrastructure costs have been pegged at C$254m.
Dan Willems, director of technical services, transportation and construction for the City of Saskatoon, said: “This is not about deciding to proceed with construction, but to get the project ‘shelf ready’. It is (about) direction by council to pursue financial opportunities to support the potential downtown event and entertainment district.
“It’s also noteworthy that while this is approval of the overall strategy, the project still requires ongoing discussions with affected stakeholders and the other orders of government.”
Willems added: “There is no question, this project will have a broad provincial benefit, far greater than just the Saskatoon area. Having a modern event and entertainment district in the heart of Saskatchewan’s largest city will be essential in maintaining, and enhancing, both Saskatoon and Saskatchewan’s competitive advantage. Today marks another important milestone in the journey to the district but there is still much more work to be done.”
The administration will now begin working through the details of the funding strategy and continue working with key stakeholders to create a “fiscally responsible” opportunity. Provincial and federal government funding contributions will be necessary.
Saskatoon City Council revealed initial design concepts and launched a public consultation on the project back in August 2022. The city plans to fund between 27.5% to 33% of the project itself, through a 30-year debt repayment plan, with the remainder dependent on federal and provincial government investment.
The city has conceded that it may take several years to secure required funding commitments. Once the project is fully funded, it is expected to take 18 to 24 months before detailed design and key procurements are advanced enough to commence construction with a path to completion of five to six years.
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