The process of establishing a Downtown Event and Entertainment District continues at City Hall.
During City Council’s meeting tomorrow(wed), Council will hear from OVG360, the private partner the City has been working with for several years, with hopes that it will eventually manage the DEED once it’s built.
Additional details from the two party’s private partner agreement will be shared, including financial projections, fees and commissions, performance management, and reporting.
According to the report, the financial projection for the event centre/arena over the full potential 30-year term of the agreement is $411 million before fees and commissions to OVG. Ater fees, that projection is slated to be $235 million in net income to the City. This is in addition to $15 million in up-front capital contributed by OVG for the base 15-year term of the agreement.
Meanwhile, the overpass incidents, impacting the overpasses at Highway 11 and 16, and 108 Street, were the result of over-height excavators traveling beneath the structures. These events will be discussed at tomorrow’s (wed) City Council meeting.
The City says the first incident, from March 5th, impacted traffic beneath and on the overpass at Highway 11 and 16. City damage estimates sit at $400,000.
The second, March 12th, event, occurred at the overpass at 108th street. The estimated cost of the repairs is approximately $350,000; however, this could change as the repair design is still in progress.
The most recent crash occurred Sunday on the train bridge above Circle Drive between 108th Street and Attridge Drive. Damage estimates are still underway.
A report from City Administration says in the cases of both overpass events, the drivers and company involved did not have a daily or annual Saskatoon truck permit.
The City is now considering all possible legal avenues to recover costs from the individual or corporations responsible. The maximum fines the City can impose in a bylaw under provincial legislation are $10,000 for an individual and $20,000 for a corporation.
