CFL

Regina council outlines plan for loan to build new stadium

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The Canadian Press
1/28/2014 10:18:05 AM
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REGINA -- Regina city council is going very long on a $100-million loan to help build a new football stadium for the CFL's Saskatchewan Roughriders.

Councillors have given formal approval to borrowing the money and repaying it over the next 31 and a half years with an interest rate of 3.99 per cent.

The rate will remain in effect over the life of the loan, with the city making semi-annual payments of just over $2.8 million.

A $12 surcharge will be added to tickets for football games, concerts and other events to help cover the loan.

Mayor Michael Fougere says the city had to move now because of fears that interest rates may rise.

The Saskatchewan government is contributing $80 million dollars to the stadium project, while the Roughriders are putting up $25 million.

Mosaic Stadium (Photo: The Canadian Press)

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(Photo: The Canadian Press)
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