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Debt financing for the downtown library project and the Saskatchewan Drive corridor are two of the hot topics expected to come up at today’s special meeting of Regina City Council.
The meeting, set for 9 a.m. on Tuesday, was called to help cut down on the backlog of items that were on the agenda for the June 26 council meeting, but were tabled due to time constraints.
The Central Library Renewal Project is the item drawing the most public interest, with eight delegations scheduled to appear at the special meeting, along with a number of written submissions.
The main issue is whether council will agree with city administration’s recommendation to defer a decision debt financing for the project until the end of the fall. The debt financing would add up to between $92 million and $119 million.
Administration wants to find out some more information on whether there will be enough available financing for all their projects, including the indoor aquatics facility/geothermal project, the wastewater treatment plant expansion and the City of Regina’s overall debt financing capacity.
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The other recommendation from Executive Committee was for a dedicated 5.5 per cent library mill rate increase, starting next year, in order to raise funds that would go into a dedicated reserve for the project.
Executive Committee previously voted 6-0 for the recommendation for both the 5.5 increase and to defer the debt financing, but council will be under some pressure from Regina Public Library officials to change course on the latter point.
Speaking to 980 CJME on Monday, Marj Gavigan, board chair for the Regina Public Library, said the organization hopes council will approve both the debt financing and the mill rate increase.
“But we understand there are several unfunded capital projects that they need to review the debt financing for and try to determine when to go ahead with those,” said Gavigan.
The library is asking for the approval “as soon as possible, so that we can go back to potential partners and funders so that we can given them confidence that the project can move forward,” Gavigan said.
“Without that commitment of debt funding, developers won’t support the project. If, at the end of the day, they still won’t approve the debt financing and want to review it at the end of quarter three, we will be asking council to at least prioritize the capital projects that require debt funding so that the central library renewal is the next priority item in the list.”
Gavigan said it’s really important to get that commitment from the city for the debt financing so the library can issue a request for proposals.
“The RFP process will take a little bit of time, but we do need that commitment,” said Gavigan, who also emphasized the debt financing would not need to be in place until 2026.
Another major item to watch on Tuesday is the Saskatchewan Drive Corridor Plan, with bylaw amendments to the Official Community Plan coming before council.
The question coming into the meeting is whether the project to transform Saskatchewan Drive into a “grand corridor” will finally move forward.
The city had previously targeted 2024 for the start of construction, but there have been some lengthy delays in the project, including a recommendation last fall to push it back to 2027 due to rising costs.
Last September, council voted to refer the project back to administration for further consultations with stakeholders and community associations. The report coming to the special meeting on Tuesday follows up on that.
Administration recommended the approval of the Sask. Drive Corridor Plan and related amendments to the Official Community Plan. But council could vote to deny the amendments, which would mean the existing neighbourhood plans would continue to apply. Council could also vote to refer it back to administration for additional recommendations or changes.
A number of businesses have made written submissions voicing their preference for the third option, expressing concern about restricted access for businesses on Saskatchewan Drive.