REGINA — Regina’s new Indoor Aquatics Facility (IAF) will require dedicated mill rates to help pay off debt the city has incurred.
In December, council approved the city taking on roughly $169 million in long-term debt to cover construction costs for the IAF and Geothermal Heating Facility (GHF).
Originally, the city pegged the IAF needing $146 million in debt, but inflation costs and construction delays raised the amount.
For the IAF, the city has taken out a 30-year, $156 million loan from RBC Capital Markets. The debenture will be issued on March 18, 2026 and mature on March 18, 2056
“The pricing for the $155 million bullet debenture for 30 years is 4.7 per cent, resulting in annual debt serving (sinking fund and interest payments) totalling $9.935 million,” notes the report.
Paying off the annual servicing, administration recommends an estimated 1.61 per cent dedicated mill rate in the 2027 budget and a forecasted mill rate of 0.30 per cent in the 2028 budget.
The IAF is set to open in 2029.
