The City of Prince Albert is seeking approval at tonight’s (Mon) City Council meeting for an additional $18 million loan to bridge the cash flow gap. A news release from the City says it would be a short-term loan and the goal is to deliver the Aquatic and Arenas Recreation Centre on schedule and within budget.

Mayor Greg Dionne explains that since fundraising commitments are being made over multiple years, additional up-front funding is required to manage the cash flow over the next five to ten years as fundraising dollars come in. He stresses this is not an increase in the project’s budget.

The budget for the project is $118 million in total. It was previously reported at $113 million, before updating calculations for architectural design costs, contingency and PST calculations. The project is expected to be substantially completed by the end of 2024.