June 23, 2014 9:42 am

City of Saskatoon looks to borrow $30M for bridge projects

Saskatoon city administration asking city council for the go-ahead to borrow up to $30-million for bridge projects.

File / Global News

SASKATOON – City administration is asking council to approve up to $30-million in future borrowing for upcoming bridge projects in Saskatoon.

The money will be used for the North Commuter Parkway Bridge and the Traffic Bridge replacement project.

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The provincial government announced it will provide $50-million in funding for the north commuter bridge while the federal government announced up to $66-million for both projects.

The remainder of the $250-million cost will come from the city, which has approved a public-private partnership (P3) for the projects.

The report heading to city council on Monday says the money will only be borrowed as need arises. If approved, it will also allow a 10 per cent variance on the borrowing requirements.

The lifespan of the borrowing will be 10 years although actual terms will not be known until administration is closer to making the loan application.

Debt repayment will come from the gas tax and existing funds within the city’s operating budget.

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