Funding estimate for Fredericton arts centre jumps by $13M
CBC
The funding estimate for the new Fredericton performing arts centre went up to $58.3 million, prompting city staff to shuffle funding sources to make the budget work.
The original funding estimate in 2019 was just over $45 million, but according to mayor Kate Rogers, this number jumped due to inflation.
"It's another reason why we have to get moving on this project now before that continues to increase and increase," said Rogers. "These are today dollars, so they need to get spent today while they still hold their value."
A report presented to council Monday says aside from inflation, the estimate was also affected by increasing material and labour costs because of COVID-19.
The report says the city will not be borrowing more than the planned $14 million for the project, despite the cost increase.
The shortfall will be covered by the federal Canada Community Building Fund, which was initially earmarked for a water and sewer project. That project will be funded by a joint provincial and federal infrastructure agreement called the Integrated Bilateral Agreement instead.
About $41 million is coming from the Canada Community-Building Fund, formerly known as the Gas Tax. The remainder of the cost will come from a $14 million city loan, a $3 million community donation estimation and a $100,000 donation from Oromocto.
Council voted to approve this funding plan Monday and directed staff to submit an application for a loan from the province's Municipal Capital Borrowing Board for $14 million.
City spokesperson Wayne Knorr said there will be a funding announcement Tuesday afternoon related to these numbers.
At the council meeting, Sara DeGrace, the city's deputy chief administrative officer, said a 2012 facility assessment deemed the Playhouse "beyond its useful life." The city then made a new performing arts centre its number one infrastructure priority.
The facility will include one 850-seat and one 300-seat theatre that will share back-of-house facilities, backstage and loading areas, said DeGrace.
She said the centre is a "once-in-a-generation" opportunity and is economically and culturally the most important investment in the city's history.
The design process was headed by Diamond Schmitt Architects.
A downtown chunk of land at 560 King Street was purchased in 2021 by the city for $8.2 million, which was then earmarked for the new site of the arts centre.
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