Moncton gets approval to borrow $95.4M for downtown centre

The City of Moncton has gotten the go-ahead to borrow up to $95.4 million for the proposed downtown sports and entertainment centre.

The MunicipalCapital Borrowing Board approved its application, which was presented on July 20, the city announcedon Friday.

The city only plans to borrow about $39 million, officials said in a statement.

The remainder of the funding for the estimated $107-million project will be provided by the provincial and federal governments, as well asthe sale of ancillary land adjacent to the site, and a capital campaign.

A special public council meeting to discuss the proposedfunding plan andlong-term financial implicationswill be held on Aug. 12 at 4 p.m. in council chambers.

Council will be asked to vote on both items. If they are accepted, the evaluation committee will bring forward its recommendation to award the RFP in order to meet the Sept.30 deadline for the financial and legal close, the statement said.

Council members have been meeting regularly duringthe past few weeks, doing their "due diligence" to understand the details of the financial issues, according to the statement.

The proposed centre will have 9,000 seats and will house the Moncton Wildcats hockey team.