The Leaside Arena expansion project that will create some desperately-needed ice time in the neighbourhood stalled temporarily in September when bids came in above the antipated $9.5 million cost. However, a recent meeting called by Coun. John Parker has ironed out the details of an adjusted funding plan that will get the project back on track.
For the city’s part, it will take steps to “strengthen the financing and reduce projects costs,” according to a letter written by Paul Mercer, chair of the Leaside Arena Expansion Committee.
This will go on to city council for approval as part of the budget process in January.
For the province’s part, Infrastructure Ontario has agreed to serve as another lender.
But, this also means the community will have to meet its fundraising goal of $2.5 million by Jan. 15 in order to secure council’s approval.
“The good news is that we have a realistic plan to move forward with the arena expansion project and we will finally have a second rink at Leaside Gardens,” Mercer wrote.
The target completion date of September 2012 will need to be pushed back, according to Mercer, as the bids will have expired and have to be retendered, but the goal is to be open not long after that.