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.