The total approved project budget is $134 million.
The budget includes all project costs, including land, professional services & consultants, construction & site preparation, furniture & equipment, permits & fees, public art & public engagement, insurance, escalation, tax and contingency.
As per the sale agreement, the land seller pays for site remediation, not the library. The Ministry of the Environment of the Environment has approved our remediation plan.
- $46.3 million from capital reserves (funding plan)
- $67.5 million from borrowing (paid back through the funding plan)
- $15 million from donations
- $4.5 million from sale of the existing central library
CAPITAL RESERVES FUNDING PLAN
The library is an independent taxing authority, as reflected in the Library Levy, separate from the City of Saskatoon municipal property taxes. In 2009, the City of Saskatoon and the Library approved a funding plan to save for a new central library that has scheduled incremental increases to the library levy from 2009 to 2026.
The funding plan is essential because it:
- Funds the project’s construction costs,
- Helps offset increased operating costs when open, and
- Allows the library to pay back the loan without tax increases after 2026.
The average homeowner (with an assessed property value of $371,000) paid $234.07 for library services in 2023, including saving for the new central library. For the average homeowner, the final reserve contributions are less than $2 per year for 3 years.
|Year||Reserve Contribution||Increase for Average Homeowner|
|2024||$210,000||$1.60/year or $0.13/month|
|2025||$210,000||$1.59/year or $0.13/month|
|2026||$210,000||$1.58/year or $0.13/month|
In the new central library business case, the economic impact assessment estimates the construction of a new central library will:
- Add $132 million to Canada’s gross domestic product. (70% or $92.4 million will be in Saskatchewan).
- Create 1,043 full-time equivalent jobs in Canada.
- Produce over $15 million annually in GDP, once open.