Regina – Regina City Council is trying to reassure residents that increasing the Evraz Place debt limit does not impact the new Mosaic stadium budget.
The Regina Exhibition Associated Limited (REAL) is the body that oversees operations at Evraz Place, and requested council increase its borrowing limit from $2.8 million to $13 million.
On Monday night, city council voted unanimously in favor of increasing the amount which will see $4 million budgeted for food and beverage services at the new stadium.
Council stressed despite the decision, residents can rest assured that this does not increase the total of the stadium, which is pegged at $278 million.
“It’s 278 (million dollars) today. It will be the same tomorrow,” explained Mayor Michael Fougere. “What we’re talking about is an operational cost not a capital cost. So, let’s be very clear here, we are not exceeding the commitment we made to tax payers; on time and on budget.”
REAL said the majority of the money is budgeted for exhibition park facilities such as improving parking and anticipates repaying around $9 million within five years.
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