Weyburn’s city council approved taking out a $15-million loan to help pay for the construction of the new Weyburn Recreation and Culture Centre (WRCC), currently being built adjacent to the new elementary school on Fifth Street, as shown in the photo above.
The City first had to apply to the Saskatchewan Municipal Board to set their debt limit at $20 million, and once that approval was in hand, the City applied to various financial institutions for their best rates for this loan.
Administration contacted the Municipal Finance Corporation, CIBC, Royal Bank and Scotiabank, which all provided interest rates and terms, while the Weyburn Credit Union declined to provide a rate. The City also advertised the debt financing according to the requirements of the Cities Act and the Public Notice Policy bylaw.
Based on the rates received, the Municipal Finance Corporation was chosen with the best rate of 2.7 per cent over a 15-year term.
The $15 million debenture will be deposited into a separate account, and it will be repaid yearly over the next 15 years, with the principle and interest to be paid from recreation revenue, property taxes and reserves.
The WRCC facility will cost an estimated total of $25 million, and will include an indoor soccer field, an upper level walking track, and arts and cultural facilities such as gallery space, classroom space and a pottery studio, among many other features. The facility is scheduled to open in September of 2021, along with the new Legacy Park Elementary School.
• Three new board appointments were made to the newly combined Parks and Leisure Services Commission, after it was announced at the previous council meeting the board was in need of volunteers. Council approved the appointment of Laurie Schmidt, Dave Hodgkin and Ryan Frost to fill the committee.
• Coun. Mel Van Betuw gave the police commission report, and told council, “We are still in the process of hiring a new chief of police, hopefully in the not-too-distant future.”
Rod Stafford is the acting police chief, stepping into the role when Marlo Pritchard left to take on a new position as president of the Saskatchewan Public Safety Agency, headquartered in Regina.
• Coun. Jeff Richards reminded residents that the youth council members will be holding a fundraiser event for KidSport on Family Day, which is on Monday, Feb. 17, at the outdoor skating rink located downtown at the corner of Second Street and Souris Avenue. The youth council will be joined by players from the Red Wings for the fundraiser, which will run from 11:30 a.m. to 1:30 p.m., weather permitting, with hot dogs, hot chocolate and a firepit at the location.
