The City of Yorkton will move forward with an agreement to cost-share rehabilitating the grandstand in partnership with the Yorkton Exhibition Association (YEA).
The request to undertake the partnership was made by the YEA at the Sept 14, meeting of Council at which time it was referred to City Administration for a follow-up report heard by Council at its regular meeting tonight.
Darcy McLeod Director of Community Development, Parks and Recreation, with the City, explained that design presented in September 鈥渨as at 75 percent completion, however the cost estimate of $530,000 was based on 50 percent design.
鈥淔ollowing discussions with a local contractor, information was provided to the Yorkton Exhibition that estimated that a maximum budget of $600,000 would provide a product that meets their needs and that of the community. After further discussion on a funding plan, both Administration and the Yorkton Exhibition have agreed that a 50 percent cost share is appropriate based on the intent of the Yorkton Exhibition鈥檚 initial letter of support, in which they requested an interest free loan that would be paid back over a 15 year period,鈥� he continued.
While the YEA was ready to pay for 50 per cent of the project costs they had asked for an interest free loan from the City to do so, with the money to be paid back over 15 years, said McLeod.
鈥淭hey have also committed an additional $30,000 toward the project to meet their 50 percent portion of the funding required,鈥� he added.
As for the City portion McLeod said they can pay for the project 鈥渨ith no impact on taxes or borrowing.鈥�
鈥淭he project could be funded with proceeds from the lease of the land where Tim Horton鈥檚 is located on the grounds of the Gallagher Centre. This annual lease amount is placed into a reserve account, with the intent, (which was agreed to by both the City and the Yorkton Exhibition at the time the lease was developed), to invest these funds into improvements for the out buildings and grounds of the Gallagher Centre,鈥� he explained.
鈥淧revious repairs to the Grandstand were funded from this reserve account, as were the improvements made to the Industrial building in 2012/13. A total of $115,000 is currently in the capital budget for Grandstand repairs. Further, there is another $10,000 in the Tim Horton鈥檚 reserve account that could be used to support this project. The remaining $175,000 can be borrowed internally from future Tim Horton鈥檚 lease payments over the next five years.鈥�
Councillor Quinn Haider asked if the lease money could have gone elsewhere.
鈥淚t鈥檚 (the grandstand) the number one priority for us out there (the fairgrounds) right now,鈥� said McLeod.
Coun. Darcy Zaharia said he liked the proposal since a city-owned asset was getting an upgrade with the Exhibition Association paying half the cost.
鈥淚 very much support it,鈥� he said.
Mayor Bob Maloney liked the 50-cent dollars, adding Council has not turned down such projects in his time on Council.
鈥淚 think this is a terrific project,鈥� he said.
Coun. Ken Chyz wanted to know if the work would be done in time for the summer fair in 2021?
鈥淲e鈥檙e prepared to go to tender this week,鈥� said McLeod, adding it is hoped it is done by spring or summer 2021, depending on if the work begins this fall.
