Released on March 1, 2010
According to a study released today, the cost estimate for the multi-purpose entertainment facility is $386.2 million, including construction, land, consultants' fees and ancillary items; plus furniture, fixtures and equipment. There are some extras or additional costs that could be considered, including a fully retractable roof ($45 million).
The study also concludes it is technically feasible to build a multi-purpose entertainment facility in downtown Regina that can generate a modest operating surplus and will help continue to revitalize and integrate downtown Regina and the Warehouse District, making it a year-round place to gather.
Funded by four partners - the Government of Saskatchewan, the City of Regina, the Saskatchewan Roughrider Football Club Inc. and Western Economic Diversification Canada (WD) - the study examined various aspects of building a multi-purpose entertainment facility, from design and financial impact to the relationship with the Roughriders and costs.
The proposed design includes a fully retractable roof option, capacity for 33,000 spectators, expandable to up to 45,000 for major events and up to 53,000 for major concerts.
The report indicates that a new facility has the "potential to complement the other Regina venues and could be a catalyst for the continued revitalization of the Regina downtown and the Warehouse District, including the growing entertainment district along Dewdney Avenue." In addition, the report concludes that the proposed facility would open the door for commercial and residential development and would likely attract more Grey Cups as the only covered facility between Vancouver and Toronto. The CFL has already endorsed the proposed facility as a potential Grey Cup venue.
"This study will serve as a reference point to determine whether or not to embark on this project," said Andrew Scheer, Member of Parliament for Regina - Qu'Appelle. "Taxpayers expect good value for dollar. As the federal government works to return to balanced budgets, and all levels of government face similar challenges, it will be imperative that projects like this are considered in a realistic manner."
"The feasibility study concludes that building a multi-purpose entertainment facility on the site of the old CP rail yards is a generational opportunity," Enterprise Minister Ken Cheveldayoff said. "The project is clearly technically feasible and will generate overwhelmingly positive, ongoing benefits throughout the province, and have a major impact on the retail, tourism, sports and entertainment sectors here as well."
Three key conclusions and other key finding of the study include:
- capital grants from funding partners or alternative revenue streams are necessary as the operation of the facility would be unable to pay for the initial capital costs;
- in an average year under representative assumptions the facility could have an operating surplus and not require ongoing subsidies;
- under a representative operating scenario the cash operating surplus is estimated to be $1.1 million;
- the operation of the Saskatchewan Roughrider Football Club Inc. would be financially sustainable in a new building and in most years the Riders would be better off financially than at the current Mosaic Stadium with considerable potential for increased revenues;
- more than 500,000 people will be drawn to the venue each year seeking goods and services associated with their visit;
- during 36 months of construction the direct and indirect impacts on the provincial GDP would be $195.5 million, creating 2,587 person years of total employment; and
- annual operations would have $30.6 million in direct and indirect GDP impact and add 1,034 person years of employment.
"Today is an important day for the City of Regina and the province," Regina Mayor Pat Fiacco said. "We dared to dream big and now we know what that dream can look like. We know the benefits of a facility like this are boundless."
"We are very encouraged with the results of this study and will continue to work with the key stakeholders in trying to make a world class entertainment facility in Saskatchewan a reality," Saskatchewan Roughrider Football Club Inc. Chairman of the Board Rob Pletch said.
"The Government of Saskatchewan and its partners will carefully review the report before making a decision about whether to build the facility or not," Cheveldayoff said.
A decision is expected by late spring.
Questions about the study can be e-mailed to stadium@cicorp.sk.ca. The summary report and appendices of technical reports are available on-line at www.cicorp.sk.ca.
-30-
For more information, contact:
Debbie Clark
Crown Investments Corporation
Regina
Phone: 306-787-5451
Email: dclark@cicorp.sk.ca
Joanne Mysak
Western Economic Diversification Canada
Saskatoon
Phone: 306-975-5942
Email: joanne.mysak@wd.gc.ca
Jeff Bohach
City of Regina
Regina
Phone: 306-777-7919
Email: jbohach@regina.ca
Ryan Whippler
Saskatchewan Roughriders Football Club Inc.
Regina
Phone: 306-566-4236
Email: ryanw@saskriders.com