Four years after City Council directed Administration to look at a possible Downtown Arena and Events Centre, City Council approved the Midtown Plaza north parking lot as its location, if the project is given the green light.
The parking lot’s cost is $25-million and neighbouring properties are $17.3-million. Director of Major Projects, Dan Willems explains that the funds to buy the property will come from the city’s land bank, which currently has about $80-million in it, but it will only be interim funding, while working on funding from other sources.
There were questions and concerns about whether this project would affect the property tax mill rate. City Manager Jeff Jorgenson answered that back in 2018, Council directed Administration to start the process in considering a downtown site, and at that time, they were directed to make sure there was minimal affect on the mill rate, and that’s the direction they have taken since then. Director of Major Projects, Dan Willems expects early information about sources of revenue will be brought to Council by the first quarter of next year, and by summer they will have the cost estimates and preliminary funding strategy. He says, “At this point next year, our goal is to have a proposed funding strategy in front of City Council and be in a position to approach other orders of government to get their commitment to support the project.” During the meeting, a couple of options mentioned to help with funding included hotel and cab levies, and possible funding from the private sector.
The site decision doesn’t mean the project is for sure going to happen. It still has to go through the design phase and many other steps in the process before an official decision is made. Many of the guests who spoke at the meeting, representing various business groups and organizations, expressed that Bus Rapid Transit is essential in the equation. Some of the key opportunities highlighted in Administration’s report to Council about Site A are the closeness to amenities, such as restaurants and shopping, ease of access because it’s a more central location, and increased downtown activity.
