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Saskatoon council approves loan for gallery funding
Published Tuesday, May 1, 2012 7:37AM CST
Saskatoon city council has given the go-ahead to the financing plan for the $71-million Remai Art Gallery of Saskatchewan.
At its meeting Monday night council approved a $21-million loan to fund its share of the design and construction of the gallery. The city will repay loan over 10 years at four per cent interest.
The other $50 million in funding for the project will come from fundraising and the federal and provincial governments.
In addition, a parkade at River Landing will be partly financed through a $6-million loan to be repayed over 15 years.