Regina may need $100M for library and stadium
The city of Regina may need to borrow over $100 million to pay for a new main library building and a development associated with a new football stadium, according to a report prepared for a committee of city council.
In the report, city officials said the city will need permission from provincial authorities to increase the amount of money Regina may borrow, from a current ceiling of $200 million to $350 million.
The report noted that Saskatoon has an approved debt limit of $414 million.
According to Regina officials, the increase is needed to ensure major capital projects may be undertaken in the next few years.
A multi-million dollar upgrade to Regina's wastewater treatment system is one of the items that will require borrowing, the report said.
New library and stadium
Two other major projects have been added to the list: a new building for the central branch of the library and a new football stadium, part of a revitalization project.
The report identifies the projects by the acronyms RPL, for Regina Public Library and RRI, for the Regina Revitalization Initiative.
"Debt requirements for these projects is unknown at this time, but the total debt for these projects could exceed $100 million," said the report, which goes to the city's finance committee on Tuesday.
Officials said they will learn the borrowing needs of the library once the library board makes a decision on a new building for its central branch.
Details on the financing requirements for a new stadium will be determined over the next few months, the report said.
The report noted that it may be several months, or years, before the city will have to actually borrow the money but officials wanted to have the necessary approvals in place.
Currently, the city is carrying a debt of just under $90 million.
The report says that if plans proceed for the various projects, the city's debt will peak at $341 million sometime before 2016.