Council adds $9.5M Field House

Quorex's proposal indicated that additional funding would be required if the City wanted to include a Field House in the scope of work. After careful consideration at their May 8, 2023 meeting, Council committed an additional $9.5M in funding to the overall budget to complete the Field House. The RM of Meadow Lake has committed to a significant contribution of up to a maximum of $2,379,020 towards the inclusion of the fieldhouse. This means the City will need to come up with just over $7 million to fund the Field House portion of the project.

Funding Background

Please note that the City would take out the loan for the entirety of this portion of the facility (as the owner) and the RM would contribute towards the loan payments going forward.

Council has not decided on the exact method of sourcing these funds at this time. We know some level of borrowing would be needed which would require the City to apply to the Saskatchewan Municipal Board (SMB) to increase its borrowing limit and apply for funding either through the Municipal Finance Corporation of Saskatchewan or from another lending institution. Part of this process is deciding where the funds to make the loan payments will come from.

There are a number of options for sourcing the necessary funding. The City Treasurer is now beginning to prepare a a detailed funding proposal that can be brought to Council in a Request for Decision.

The City will be advertising for selling of the naming rights and soliciting sponsorships and donations. Stay tuned!