The City of Regina will still move forward with a loan payment to pay for Mosaic Stadium despite no events to help pay for it.
When the stadium was being built, the city took out a 3-year, $100 million loan from the provincial government. Normally, that would be covered by a $12 facility fee included in ticket prices for Mosaic Stadium events.
Spokesperson Barry Lacey says they’re stuck needing to pay the loan back with nothing coming in for events.
“Some of the revenues we would have expected to come in this year aren’t coming in, and so as a result of that, we’re having to go back and review that 30-year model to determine what would be appropriate actions to ensure we can bring that 30-year financial model back into a break-even or positive position after 30 years.”
Lacey says they are reviewing the models and looking at their options for this year’s share.
“I won’t call it a simple model, but it’s pretty much every year, money comes in, and every year money has to go out,” Lacey said. “Such as repaying the loan, but also some of the maintenance costs associated with a stadium like Mosaic.”
There is roughly $89 million left to pay on the loan. Lacey says at some point, a loan extension may need to be discussed.
