Workshop Item: 3 - Robert Therres, Public Services Manager
Title
DISCUSSION ON FOGERTY ARENA LEASE AMENDMENT - PAYMENT OF RELOCATION COSTS
Background
Members of the Fogerty Arena Board have asked the City Council to reconsider the repayment requirements for the expansion of the Curling Facility to Fogerty Arena.
Estimated cost of relocating the Athletic Field in Aquatore Park to accommodate the Curling Expansion is estimated to be $300,000. The Council direction was to give a $90,000 credit for the additional parking lot that the expansion would provide and then require the repayment of the remaining $210,000 over a 20 year plus period of time with payments not starting for 4 years. Also there would be 5% interest charged starting in 2019 to encourage paying the amount off early.