An independent study on Saskatoon’s proposed entertainment district could deliver a billion dollar boost to the economy over ten years through the development of the area, a new arena and a substantially new convention centre. CEO of the Saskatoon Chamber, Jason Aebig, says the potential economic spin-offs are becoming more clear. He points to local spending, direct and indirect jobs, hotel stays and the tax savings that come from attracting new residents, visitors and downtown businesses.
During construction, according to the study from PRAXIS Consulting, the proposed project would add $1.1 billion to Saskatoon’s gross economic activity, $509 million to the city’s GDP, and over $245 million to employment income, supporting more than 1,500 jobs. Then, once everything is up and running, it’s expected the facilities would add $4.3 million to Saskatoon’s gross economic activity and $1.6 million to the GDP.
Aebig says he understands the concern about increases to property taxes, but he says if we continue to put band aids on our aging buildings, 100 per cent of the cost will be on our property tax bills as they continue to deliver less and less, so the best way to optimize a return on investment for taxpayers are modern facilities that can be financed through non-tax tools, various levels of government and private investment.
The NSBA, Saskatoon’s Business Association, recently conducted a survey to gather opinions of its members regarding the proposed budget for the new downtown library. The survey, which ran from October 24 to October 31, had over 500 participants.
Executive Director of NSBA Keith Moen says the NSBA and its Tax Committee will offer it support and guidance to council after the survey indicated 84.78 per cent do not support an increase in library tax in order to fund a new downtown library. As well 62.85 per cent said their main reason for not supporting a downtown library is concern about the increased library tax.
Of the 506 survey responses, 223 came from NSBA members and 283 were from non-members. The survey also included a question about preferences between a Downtown Event and Entertainment District (DEED), a new library, or no downtown development at all. Sixty-nine per cent of NSBA members supported the DEED. Fifty-five per cent of non-members supported the Downtown Event and Entertainment District.
