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A 60-page report outlining how the city can potentially generate money through fees or taxes to at least partially fund the Downtown Event and Entertainment District (DEED) will be presented to Saskatoon’s Governance and Priorities Committee on Wednesday.
The report, by tax and audit firm KPMG, outlines five potential non-property tax alternative to generate millions of dollars with low, midpoint and high estimates.
The options include potentially adding “facility fees” to tickets for events at SaskTel Centre and TCU Place. City administration is expected to investigate that potential fee structure and when it could be implemented.
Two other possibilities outlined in the report include adding an accommodation tax to hotel rooms and a motor vehicle rental sales tax.
Both options, according to the report, would require provincial legislative changes. However, the city is expected to explore future revenue generated from 526 publicly accessible stalls at a parking structure at 22nd Street West and Idylwyld Drive.
Another more complex option called Tax Increment Financing (TIF) is something the city may seriously consider. It’s used in other cities like Calgary, Edmonton and Winnipeg in specific areas of redevelopment.
According to the KPMG report: “Tax increment financing leverages future tax revenue increases to finance infrastructure projects through the dedication of the incremental tax revenue between the current value assessment (‘CVA’) of designated areas prior to the development and its assessed value after the developments are complete.”
The report to councillors indicates the city does have the authority to implement a TIF, but only to the municipal portion of the collected property taxes — not the library portion, or the education portion that goes to the provincial government.
According to the city report, more analysis is needed, and a full presentation on funding options is expected to be presented to city council in early 2024.
