Lloydminster City Council will debate whether to amend a by-law to borrow $7.38 million for the Cenovus Energy Hub.
The need has arisen after no money was offered by Alberta in its budget for the new rink and entertainment centre, which is scheduled to be opened this fall.
The City says the build for the $101.3 million Cenovus Energy Hub remains ” on budget and on schedule.”
“Early in the planning stage of Cenovus Energy Hub, we anticipated Alberta would provide some measure of support for the infrastructure of our new event facility, especially considering the many social and economic benefits it will bring to our entire region,” said Mayor Gerald Aalbers. “Historically, Alberta and Saskatchewan have found ways to collaborate and equitably fund important infrastructure in our unique border community, however, in the case of the Cenovus Energy Hub, Alberta has not yet confirmed any form of financial support, which has obligated the City of Lloydminster to borrow additional money to ensure the project is fully funded.”
The city says it will continue to look at grant funding opportunities, going forward.
The first reading of the Borrowing Bylaw amendment will be at Council’s regular meeting on May 5.
The second and third readings of the bylaw amendment will be on May 20, pending Council’s decision.
