REGINA – Regina’s executive committee met on Wednesday at Regina City Hall to discuss the latest financial model for the new stadium.
The financial model for the project includes $200.4 million in debt over the next 30 years. This debt will come from a $100 million loan from the province plus an additional $100.4 million in city debt, which includes $67.4 million in city debt for capital and $33 million of city debt for interim cash flow purposes in 2015.
The report also recommends that city council give the Deputy City Manager and the COO, Brent Sjoberg, authority to prepare, amend and approve any additional documentation necessary.
“The report is simply a reaffirmation of the delegation of authority for the administration to move forward,” said Mayor Michael Fougere. “We’re simply just doing what we did all along, which is to continue to report development as it happens.”
The Executive Committee approved the report with only Councillor Shawn Fraser opposing the motion.
The design for the new stadium is expected to be released to the public sometime in May.
Below is the most up to date financial model as of March 2014:
Comments