The cost to replace SaskTel Centre and TCU Place is estimated between $330 million and $375 million.

Today, Saskatoon’s Governance and Priorities committee will review a report from city administration concerning what it calls key components to the future of the downtown and how to pay for it. This includes a new entertainment facility-arena, a convention centre and a high functioning transit system that includes Bus Rapid Transit.

Director of Planning and Development Lesley Anderson, says with SaskTel Centre and TCU Place both nearing the end of their useful service lives, without substantial renovations, they cannot maintain market competitiveness in their current state.

One funding avenue being explored by administration is the Investing in Canada Infrastructure Program. The city is also floating the concept of taxes on hotel rooms and other short-term accommodation rentals, motor vehicle rental charges and tax increment financing. The main thrust of the options being put before council is to minimize how much of it has to be paid for with property taxes.