REGINA — The cost to build the new Indoor Aquatic Facility (IAF) has increased from the original estimate.
A report for next week’s executive committee meeting outlines a $40 million increase from the original $245.1 million cost when the IAF was approved for construction by city council in Oct.
This isn't the first time the total cost for the IAF increased. When plans to build the facility first passed in 2023, those costs were estimated at $161 million. Now, Regina is looking at nearly $300 million for their new indoor pool.
The report notes the extra $40 million comes from “market volatility, limited sub-trade capacity, as well as further scope clarity with design progression.”
Administration has recommended covering the additional costs by allocating $30 million in funding designated for other recreation capital projects.
The city currently provides $9.75 million towards their 10-year city recreation/culture capital plan.
The plan aims ”at addressing gaps and pressing needs in the city’s recreation and cultural infrastructure,” noted the report.
By re-prioritizing part of the work, the city can find $30 million in funding. However, $10.55 million in funding is not available for the IAF until 2030 because of the timing of other investments in the plan.
The other $10 million would come from allocating available debt room towards the IAF.
As for paying for the rest of the $245.1 million, 43.2 million is covered by federal funding, $36 million by provincial funding and $156 million in debt funding.
Part of that debt is being paid off with a 0.5 per cent dedicated mill rate towards the IAF in 2025.
If executive committee approves the motion, it will be tabled for final consideration during the July 30 city council meeting.
