The City of Regina is trying to convince the province to pony up $200 million to help build a new sports stadium in the capital city to kick-start a massive urban makeover. Under a city proposal, the city would put up $88 million of the stadium cost, according to deputy city manager and CFO Brent Solberg.
A stadium with a retractable roof would cost $450 million to build, while an open-air stadium would cost $250 million, according to estimates.
The city is hoping to hear back from the provincial government by June so it can decide what style of stadium should be built.
Regina Mayor Pat Fiacco has outlined plans for a multi-year $1 billion stadium and inner-city revitalization project. The plan involves redeveloping the 33-acre CP Rail yard and the current Mosaic Stadium site. The work involves demolishing Mosaic Stadium and building a new stadium in addition to 700 housing units and commercial and retail businesses.
Fiacco told reporters that 75 per cent of the overall project would be funded by the private sector, but provincial government funding would be a requirement for the project to go ahead.
Ken Cheveldayoff, the provincial cabinet minister responsible for the stadium file, said the province is still reviewing the request. He added the government would discuss ways it might consider funding the project, such as a loan or grant or combination of both.
"We haven't had a chance to do our due diligence on it, and I think it would be inappropriate for me to give any more information on a document that the city has put forward," Cheveldayoff told reporters. "But more information [will be] coming forward."
from Western Investor June 2012
