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