WINNIPEG — The Manitoba government is refinancing a $35.3 million loan facility for Investors Group Field under a deal made by the former provincial government.
The province says refinancing of the loan to Triple B Stadium Inc. will protect taxpayers from paying annual interest charges of $500,000.
“The actions we are announcing today will reduce the risk to taxpayers,” said Finance Minister Scott Fielding.
“This is one more step in our efforts to clean up the financial mess caused by the previous government’s mishandling of the financing of the construction of the stadium.”
The former NDP government obtained a loan guarantee in 2015 to Triple B to borrow up to $35.3 million for urgent repairs needed to Investors Group Field. As of November 2018, a total of $25.5 million has been borrowed by Triple B.
Fielding says the refinancing will allow the province to borrow at a lower interest rate than obtained by Triple B.
A provincial comptroller determined last year that under the former deal, there was no way for the Winnipeg Football Club and Triple B to pay interest on a $160 million loan it obtained to the University of Manitoba for initial construction of IGF.
Under the terms of the loan agreement, both the Blue Bombers and Triple B continue to make payments to the province.