Sask Sport is ready to sign a 30-year lease to move into a new stadium in Regina, once the facility is built. The deal commits Sask Sport to pay $75 million for the space.
The arrangement goes to a committee of Regina city council on Wednesday.
According to the city, the money from the Sask Sport lease is a critical component of the funds needed to finance the stadium.
In addition to the lease money, Sask Sport will pay the city $50,000 per year to cover operating costs. That amount could rise if operating costs change.
The $75 million will be paid in yearly installments of $2.5 million.
Sask Sport is funded with proceeds from lottery ticket sales.
According to documents released by the city Friday, here is what Sask Sport gets for its $75 million:
- 10,000 square feet of move-in ready office space.
- Guaranteed access to the sports field for at least 600 hours per year, free of charge.
- Access to the stadium, when it is not being used, for community sporting events — also free of charge.
- Access to the stadium to host amateur sport events. The access is supposed to be free of charge but there is a clause in the lease that allows the city to negotiate a "reasonable" fee, if money is needed to cover costs associated with the event.
- Parking spaces for Sask Sport staff (the number to be determined).
Also on Wednesday, the executive committee of the city council will be asked to approve a plan to issue a formal request for proposals from three firms that have been identified as meeting the city's qualifications for building the stadium.
The firms are Bouygues Construction-Graham Community Partners, Clark Builders-Turner Construction and PCL Construction Management.