Saskatoon committee to consider how to fund downtown arena and bus rapid transit
Report outlines ways the city can pay for its big projects on the horizon
Saskatoon city councillors will look at a report next week that outlines ways the city can pay for its big projects on the horizon.
Some of those projects include a new downtown arena, a convention centre, and a bus rapid transit (BRT) system.
"Details on the arena, convention centre and BRT projects have been presented in reports to Standing Policy Committees and City Council. Only the BRT system has received City Council approval to proceed," the report reads.
The report said a robust funding strategy is necessary if the city wants to move forward on these projects, and other associated projects. Generally, the city pays for things in three ways: it borrows money or allots tax revenues, it puts away tax revenues into a reserve over time, or the city gets help from the other levels of government.
The report says one way forward is an already-established partnership called the Investing in Canada Infrastructure Program (ICIP). ICIP is federal money given to provinces for infrastructure.
An agreement signed by the governments of Canada and Saskatchewan "stipulates that the province shall contribute 33.33% of total eligible costs where the project owner is a municipal government. For such projects, a municipality shall contribute 26.67% of eligible costs."
Another option presented in the report is alternative taxation options, like a tax on short-term accommodations and/or hotel stays.
The meeting is set for 9:30 Monday morning.