Field of Schemes new post Regina signs MOU to stick public with most of Roughriders stadium cost

The city of Regina has filled in the missing $138 million in its $278 million Saskatchewan Roughriders stadium plan, signing a memorandum of understanding to build the stadium by 2017. The new funding plan:

• The previously announced $80 million grant from the province of Saskatchewan.
• $73 million in cash from Regina, up from the previously announced $60 million.
• A $100 million provincial loan from the city, to be paid back by a $12 per ticket fee on all events at the new stadium.
• $25 million from the Roughriders.

That means that the public would be on the hook for more than 50% of the stadium cost, plus taking on the risk on that $100 million if ticket sales fall short of projections. Plus paying $230 million in operating costs on the stadium over the next 30 years. Most of this would be paid off from property tax revenues, though there's also an $80 million chunk that's summed up merely as "other revenue."

The plan still needs to be signed off on by the Regina city council.

from Field of Schemes http://www.fieldofschemes.com/news/archives/2012/07/5015_regina_signs_mo.html