A committee of Regina city council has given its blessing for the first of an expected ten 0.45 per cent hikes in property taxes — a measure designed to support the city's plan for a new football stadium.
The city recently unveiled a proposed budget that would lead to a 4.45 per cent increase in taxes. Of that, .45 of a percentage point is for the stadium development, according to the city's director of finance Chuck McDonald.
According to the city, Regina must commit to increase taxes by .45 per cent every year for the next ten years in order to finance the stadium project.
That would mean a .45 per cent stadium tax in the first year, 0.9 per cent in year two, and so on, up to around 4.5 per cent in year 10. After that, the hikes end, but the final rate stays in place.
The city says it will continue to allocate the tax revenues to support the financing model officials have developed for the stadium.
Regina's executive committee, a sub-committee of council, considered the tax hike and the overall stadium plan at a meeting Wednesday.
Members approved the recommendations and the plan will be forwarded for final approval by city council.
Regina is planning to build a 33,000 seat football stadium to be the home of the Saskatchewan Roughriders.
According to city documents, construction of the stadium is tentatively set to be completed in late 2016 or early 2017.