It may not be the touchdown that some had expected, but Saskatchewan still gained yards Saturday in the drive to secure a new stadium in Regina.
The province, the city and the Saskatchewan Roughriders have signed a non-binding memorandum of understanding that establishes a budget for building and maintaining a replacement for Mosaic Stadium.
It also sets out a partnership framework for future work and agreements, with the goal of opening the new facility at Evraz Place in early 2017. Construction is expected to begin next year.
Premier Brad Wall and Regina Mayor Pat Fiacco announced the agreement just before kickoff at Saturday’s Rider game against the B.C. Lions.
The 33,000-seat open-air stadium would be “roof ready,” and is estimated to cost $675 million over a 30-year period.
That price tag includes $74 million in provincial loan interest, $51 million in city debt interest and $230 million for maintenance and rehabilitation.
The province would provide $180 million in grant and loan money to build the new stadium, while the city would spend $73 million. The Roughriders have also committed $25 million.
Regina taxpayers and Rider fans would also be expected to kick in cash. City residents would see their property taxes go up by 4.5 per cent over a 10-year period. In addition, a facility fee of $12 would be tacked onto tickets for games and major events.
As part of the project, dubbed the Regina Revitalization Initiative, the aging Mosaic Stadium facility would be torn down to make way for a 23-acre inner-city housing development.
City council is scheduled to vote on the agreement Wednesday.
