Regina’s executive committee approves REAL’s funding request, moves forward on Taylor Field redesign

WATCH: Regina’s executive committee approved REAL’s funding request and is moving forward on redesigning Taylor Field. Sierra D’Souza Butts reports.

Regina’s executive committee says the Regina Exhibition Association Limited’s (REAL) request to reallocate a portion of its funding is a step in the right direction.

“This is a result of basically a deep dive into finance and housecleaning, dotting the i’s and crossing the t’s and moving things in the right place,” expressed Ward 5 Coun. Sarah Turnbull.

At Wednesday’s meeting, the committee unanimously approved the city administration’s recommendation to allow the REAL district to move $850,000 of its debt funding to support operating shortfalls for this year’s budget.

In addition, reallocating $199,000 of unused 2024 capital funding will be moved for expenses in 2025.

“At the beginning of the year, council approved $2.7 million for debt funding, and REAL is projecting that we will not spend $850,000 of that original budget on interest expense,” explained Jordan Sleightholm, REAL’s chief financial officer.

“Through cash flow management, through early repayment timing from the city, lower interest rates, we are going to be better than expected on on that spending. We’re thinking that it’d be prudent to move that $850,000 over to operating in order to pay down our line of credit that has been built up over the of course of previous administrations and to get REAL back in a financially healthy spot.”

The redistribution of funds does not include any new funding from the city.

Recommendation to start planning Taylor Field site

The executive committee also voted in favour of recommending Regina’s city council to invest $750,000 for planning the redevelopment of its Taylor Field project.

With a vote 8 to 1 in favour - Ward 10 Coun. Clark Bezo voting against – city administration will initiate the preliminary and detailed design of the site, along with getting the infrastructure in place.

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“There is a risk out there and the developers have expressed that risk as well too. If they’re going to develop it or be able to sell these lots after,” Bezo voiced during Wednesday’s meeting.

“I want to make sure we’re doing the right thing. We need to develop this land, there’s no doubt about it, but is there an appetite for developers to actually hit the ground running and put some shovels in the ground to start doing some building on it?”

The city’s chief financial officer, Daren Anderson said the development can potentially increase the property value in the area.

“The areas on the outskirts of the city are increasing in value faster than the 10 units inside the city. The closer you are to downtown right now, those values are climbing slower than the values on the outskirts of the city,” Anderson explained.

“… Anything where we have some new development in areas like this, tends to increase the value and livability of that area. Therefore, making the properties in this in this area go up and relatively than be paying more in taxes.”

Administration said the investment will come from the city’s Land Development Reserve.

All recommendations made by the executive committee will be brought forward to Regina’s city council meeting on Oct. 8 for approval.