Get ready for a new stadium for the Saskatchewan Roughriders.
The province, City of Regina and the Roughriders announced Saturday that they have signed a memorandum of understanding for a new stadium, to be constructed on the Evraz Place site in Regina.
The announcement of the new stadium was made by Premier Brad Wall and Regina mayor Pat Fiacco. They made the announcement on the field before the Mosaic Stadium crowd Saturday, just before kickoff of the Roughriders' game against the B.C. Lions.
According to Wall, the new stadium, estimated at $278 million, would begin construction in 2013 and would be ready to open no later than 2017.
The new stadium would be several blocks west of where Mosaic Stadium is now, to be located on a site between the Brandt Centre and Queensbury Centre to the west and Elphinstone Street to the east.
The stadium will hold 33,000 spectators and the plan is for it to be an open-air facility, with the spectator areas covered by a roof. The facility's seating capacity can be expanded to host large events including the Grey Cup. As well, the design would allow the stadium to be "roof ready" - that is, to add a roof in the future.
Funding for the project would be provided by both the city and the province, with the Roughriders also kicking in some funds. Eighty million dollars is to be provided by the government of Saskatchewan over four years, with the City of Regina providing $73 million and the Roughriders leading a process to accumulate $25 million.
The province says it is also providing $100 million in loan financing to the City of Regina, with the loan to be fully repayable over a 30-year term, with interest.
According to the province's news release, that loan would be primarily repaid through a $12 facility fee on games and events at the new stadium. That would be a $4 increase.
The city would also support both the capital costs and ongoing maintenance of the stadium through a combination of debt, property taxes and allocation of new or existing revenues, with maintenance costs expected to be $230 million over 30 years.
The plan is for the Roughriders to accumulate their $25 million portion through naming rights, sponsorships and funding from the club.
The stadium would house not only the Roughriders, but also amateur sports including the university football Rams and the junior Regina Thunder, as well as high school athletics. The facility would also accommodate major events and concerts.
In a statement, Mayor Fiacco said the announcement meant the "vision to revitalize the heart of Regina is becoming a reality."
"The agreement between the province, the city and the Riders means this community, and the province, will have a 21st century multi-purpose facility that meets the needs of the community for generations to come."
The next step in the process is for Regina council to consider approval of the memorandum of understanding at a public Executive Committee meeting July 18, and then at council the next Monday, July 23.
