Fiacco-Fougere’s Memorial Stadium

Regina is building a new stadium.  The municipal government has refused to hold a referendum on the topic despite having 9,900 signatures on a petition to do so.  They require 20,000 signatures to force a vote. Only one city councillor campaigned during the municipal election against building the stadium with taxpayer dollars – Shawn Fraser.

Anyway, they (being City Hall councillors) have chosen to go ahead with it.  They have touted that it will “only” cost taxpayers $278 million.  They are getting some funding from the provincial government (up to $800,000 as long as it is “roof ready”).  (Don’t get me started on the fact that Regina citizens are paying twice – once municipally and once provincially.)

The City has “promised” that they will be holding the company hired to a “fixed price contract.” We all know how that goes though, right? The Government of Saskatchewan recently refused to hold a developer to a “fixed price contract” on affordable housing.

The City has “promised” they won’t spend more than $278 million. Then they admitted the real cost of the stadium will be around $600 million with interest and maintenance. But, let’s just say for arguments sake, we only consider the cost up until the stadium is built.

I have created this page to hold City Council responsible for, what I believe, will be a huge fumble of taxpayers’ money.

Way back when I ran the petition, it was quoted that each household would be assessed 0.45% – 0.55% of their annual property for the stadium.  This tax increase would happen for 5 years and then continue for 30 more years.  Supposedly, this would pay off the $278 million.  At the time, it was estimated that each household would end up contributing something like $1,100 over the course of the 30 years (based on 0.5% increases).  I think the math went something like this (based on 5% annual increases each year):

stadium_estimates

Let’s watch over the years to see where this goes.

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s