Downtown Event and Entertainment District Funding Strategy to be discussed at City Council August 28, 2024

Another important milestone in the journey to the Downtown Event and Entertainment District will be discussed at the August 28^th meeting of Saskatoon City Council. A report will be presented that outlines a funding strategy that encompasses a mix of funding sources, including public and private contributions, grants and other funding tools that do not require an increase in the property tax rate to support the project and advance the Downtown Event and Entertainment District.

“Administration was tasked with developing a funding strategy that achieves the goal of constructing the Downtown Event and Entertainment District with no contribution from property taxes,” says Dan Willems, Director of Technical Services, Transportation and Construction. “We’re confident that the tools within the funding strategy have been formulated to achieve this important goal.” 

These funding tools include:

1. Accommodation Funding Contributions;
2. An Amusement Tax;
3. Parkade Revenues;
4. Tax Incremental Financing;
5. Property Realized Reserve Contribution;
6. SaskTel Centre Reserve Contributions; and
7. Private Partner Contribution.

“It is important to keep in mind this is not about deciding to proceed with construction, rather it is about taking the next step to pursue the financial opportunities to support the potential Downtown Event and Entertainment District,” says Willems.

Provincial and federal funding contributions will be necessary to bring this project to life and a fundamental component of the funding strategy. The intended outcome is to have a shelf-ready project so when federal and provincial funding programs are available, Saskatoon will be ready to go.

“As with previous major City projects that have benefitted from federal and provincial funding programs, we’ll work towards securing financial commitments from other orders of government,” says Willems.

This report builds upon the Private Partner Agreement framework which was discussed at this month’s earlier Governance and Priorities Committee meeting and has been forwarded to Council for approval.

If the reports are approved by City Council, the Administration will continue to work towards achieving the funding strategy. This includes seeking out the necessary agreements and further financial commitments with the provincial government, federal government and private partners.

For more information on the Downtown Event and Entertainment District please visit saskatoon.ca/eventdistrict.