Under further funding details released Saturday, the $80-million provincial grant will be paid out over four years. The $100 million loan, however, is repayable — and that’s to occur over a 30-year term with interest. The loan will primarily be repaid through a $12 “facility fee” on tickets for games and major events at the stadium. Currently, tickets carry an $8 facility fee.
Fiacco said the facility fee for the 10 days the stadium is used for Riders’ games “actually pays for that facility. It pays the debt back. It also pays for the operating.”
So, doing a little basic number crunching, ignoring the exact compounding figures, we’ll only make about $120,000,000 from the $12/game facility fee, for 33,000 sold out seats, 10 games, over 30 years. We have to repay a $100,000,000 loan. I’m not sure where the Mayor figures that kind of money raised will seriously repay the loan and operating costs. Can someone help explain? Mayor Fiacco didn’t indicate other events’ facilities fees were included in his calculation, but even if they are, is that enough of a boost to the very low $120M raised by Rider tix over the span of the loan?
“[T]he Saskatchewan Roughriders will pony up $25 million, much of which is expected to come from sponsorships.”
25 / 278 = .0899
Also mystifying is the ~9% the Riders are contributing to the construction of what will primarily be their new stadium. Taxpayers are by far paying the bulk of the listed expenses, with Regina taxpayers the biggest single group on the hook.
All that said, we are talking about a community space, no matter who owns it. At the present funding plans, even if it has a formal corporate name, it will be a public paid/owned facility. It should be called Lancaster Park, or something of that nature. When the dust settles, if this stadium is built, it will be nice to have a newer facility, possibly with an indoor portion under the seats that can be used year round for events. It must be ready not only for a roof expansion, but also for expected energy price increases. Will it really be the best stadium in the country, without a roof? Maybe if it’s a LEED standard building, and produces as much energy as it consumes.
Is building a stadium my highest priority? Let me answer that with another question or two. Does everyone have a safe place to sleep, and a good last meal in them, in our city? Have you heard of Stockton, California?