Construction continues on the new aquatics and arenas building. (City of Prince Albert/Facebook)

By Jaryn Vecchio

Big Project

P.A. council set to discuss new loan to assist fundraising for aquatic and arena project

Feb 9, 2024 | 5:00 PM

Financing Prince Albert’s aquatic and arena recreation centre project is becoming quite complicated.

The city’s council is scheduled to meet on Monday and discuss whether or not to apply for an $18 million loan. This is on top of the $30 million loan they requested in 2023.

According to a report to go before council on Monday, the city had projected to collect $20 million in fundraising for the project by 2024, however, this didn’t happen.

Councillor Blake Edwards told paNOW this has nothing to do with the overall cost rising.

“As we collect the fundraising, it will help to pay off that loan,” said Edwards.

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According to the documents shared by the city, they’re only anticipated to collect $6 million in fundraising this year. An updated funding model has the city reaching the $20 million mark by 2028.

Since the overall cost of the project isn’t rising, Edwards said he has no concerns about the loan.

“This is something that’s within our level to do, it’s a matter of covering off the fundraising requirement.”

The city’s administration is recommending the $18 million loan if approved, be paid back over five years starting in 2025. This would be much quicker than the $30 million loan as the city is paying it back over 35 years.

As of Jan. 9, 2024, over $72 million has been spent on the project. The project is expected to cost around $117 million.

Meanwhile, the council meeting on Monday is scheduled to start at 5 p.m.

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Jaryn.Vecchio@pattisonmedia.com

On X: @princealbertnow