The Aquatic and Arenas Recreation Centre was approved for funding through the Canada Infrastructure Program. In accordance with the Ultimate Recipient Agreement, the Federal contribution is $24 million, the Provincial Government contribution is $19.9 million and the City will contribute the remainder of the cost.
Bid prices received for the construction were 35% above the pre-tender estimate for the facility with the total project budget coming in at total cost of $118 million. A funding plan for the facility has been approved which accounts for the rising costs due to inflationary pressures.
The revised funding plan continues to include no increase in property taxes to fund the new facility. This is achieved through the following measures:
- Increasing borrowing by $30 million for a total borrowing of $46 million;
- Securing $24 million in external dollars through provincial and federal funding and fundraising initiatives; and
- Annual financing payments through the Civic Facilities Reserve and targeting property tax revenues from the Yard Development.
This project is funded in part by the Government of Canada and the Government of Saskatchewan.
Large Arena and Event Centre
The large Arena and Event Centre has been under consideration as part of the project from the outset, although it will not be part of the funding received from the Federal and Provincial government through the Canada Infrastructure Program. The large arena will be funded by the City of Prince Albert. A fundraising goal has been established by the fundraising committee for the large arena which may be revised as the final cost of the facility is established through the detailed design.
