The Leaside Arena Expansion Project has nearly reached its fundraising goal of $2.5 million to fund the addition of a second ice rink at the Leaside Memorial Community Gardens.
The expansion will cost $9.5 million in total, $7 million in the form of a loan from the city, with the community expected to raise the remaining $2.5 million.
“We’ve raised just over $2 million,” said the chair of the arena expansion committee, Paul Mercer. “There have been over 450 individuals and companies to contribute to the funds.”
In order to raise the remainder of the money, Mercer said they have established naming opportunities for dressing rooms, seats and the new rink, which will be located on the former Ontario Film Review Board’s property. Although he has promoted the opportunity to both individuals and companies, Mercer said mainly individuals have been the most receptive. As for the $7 million loan from the city, that will be repaid over 22 to 25 years through operating revenue from the Gardens’ users.
The expansion came about after youth from the three main user groups of the rink, the Leaside Hockey Association, Leaside Skating Club and the Toronto Leaside Girls Hockey Association were repeatedly turned away.
The project will begin construction at the end of September, and it is expected to be completed in September 2012.