The Government of Saskatchewan, City of Regina and the Saskatchewan Roughriders today signed a Memorandum of Understanding (MOU) for a new stadium that will be constructed on Evraz Place lands in Regina, Saskatchewan. It is anticipated the new stadium will be ready for use in early 2017.
"The current stadium has served us well for the past 100 years," Premier Brad Wall said. "But it's time the best fans in Canada and the best team in Canada have the best, new stadium in Canada. The new stadium will not only provide a leading edge facility for the Riders, it will also support amateur sports in the province and attract the attention of major concert and event promoters."
The new stadium will be a state-of-the-art facility holding about 33,000 people with a spectator roof and open-air playing surface. The facility will be expandable so that it can host larger events such as a Grey Cup. It will be a significant upgrade from the current stadium and has potential to be one of the best facilities of its kind in Canada. The design will be roof ready to allow for the potential addition of a roof in the future.
The $278 million required for the stadium will be funded through an $80 million grant provided by the Government of Saskatchewan paid over four years, $73 million through City of Regina funding, and the Saskatchewan Roughriders leading a process to accumulate $25 million. In addition, the province will provide $100 million in financing to the City of Regina. The loan will be fully repayable over a 30 year term, with interest. The $100 million loan would be primarily repaid through a $12 facility fee on games and major events held in the new stadium, ensuring a significant portion of the stadium funding comes from users of the facility, primarily the amazing Rider Nation fans.
"Today's funding announcement means the vision to revitalize the heart of Regina is becoming a reality," Mayor Fiacco said. "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."
According to the MOU, the city would support both the capital costs and ongoing maintenance costs of the stadium through a combination of debt, property taxes and allocation of other new or existing revenues as required. Maintenance costs on the facility are expected to be $230 million over 30 years. The MOU still requires council approval.
The Saskatchewan Roughrider Football Club will lead a process to accumulate $25 million through naming rights, sponsorships, along with funding from the Club which will be contributed to the city prior to the completion of the stadium.
"This is a once-in-a-generation opportunity and it has been possible thanks to the tremendous support of Rider Nation," stated Riders Chair Roger Brandvold. "Thanks to our partners at the province and the city, Saskatchewan will soon have a world-class facility for the greatest fans in the country."
The City of Regina is in the process of planning and design concept work for the new stadium. Construction is scheduled to begin in 2013, with completion in time for the 2017 Rider season. Council will consider approval of the MOU at a public Executive Committee meeting on July 18, and at the July 23 meeting of City Council.