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The City of Saskatoon will revisit plans for its proposed $1.2 billion Downtown Event and Entertainment District (DEED) project.
In six months, city council is expected to make a final decision on a revised framework agreement with Oak View Group (OVG360).
The Denver based entertainment company could bring in $170 million over 25 years for the project, which includes a $20 million up-front capital contribution.
The city’s technical director Dan Willems presented the information report on Wednesday, outlining how current political and economic uncertainties could impact the project.
“It’s unknown how the current evolving economic and political landscape in North America and the world may affect the progression of the agreement,” he said. “Tariffs or retaliatory tariffs could be applied that could add significant additional costs to service contracts.”
As outlined in the information report, a framework agreement with OVG360 was first presented to city hall in August of 2024. The entertainment company proposed changes in mid-October, with negotiations completing in December.
Saskatoon city council is expected to vote on this revised framework.
Ward 9 city councilor Bev Dubois asked if the city is still tied to the agreement, even though council hasn’t made a final decision yet.
Willems explained the city is still in active procurement, and there are currently no specific dates tied to the agreement.
The project’s strategy does not include a raise on property taxes, instead relying on funding from an amusement tax, accommodation tax and parkade revenues. This includes possible funding from the provincial and federal government, as well as OVG360.
Still, Ward 2 councillor Senos Timon said he’s heard concerns about property tax increases from residents of his ward.
“Most of the residents are not sure of how this project will be funded,” he said.
Mayor Cynthia Block urged city council to look at the upcoming vote on the OVG360 agreement from a “wider angle lens.”
“If we want a more affordable city and one where our city can thrive, we know that where downtown goes the city goes,” she said.
“We talk about property tax… but what is the cost if we don’t go forward with this? It is enormous, and we don’t have another way to fund it.”
