The Town has been working towards grant funding through the federal and provincial governments since the fall of 2018. Many iterations of the model were developed and revised with Devon being approved in August of 2020 for $13.5M in funding to expand the current Dale Fisher Arena into a multi-use recreation facility.
In total, the Town will receive $7,357,885 from the federal government's Investing in Canada Infrastructure grant program (ICIP) and $6,130,958 in provincial Municipal Sustainability Initiative (MSI) funding to support infrastructure projects, create jobs, grow the economy and support a healthier and more sustainable community. The province required all municipal applications to allocate their MSI dollars to be provincially endorsed and be eligible for ICIP grant consideration by the federal government.
Town of Devon Council was in favour of reallocating the MSI dollars towards this project, which is typically used for Town infrastructure such as roads, with the understanding that funding for the roads program will come from the Federal Gas Tax Fund dollars the Town receives annually and will be more than adequate to administer any roads infrastructure needed in the future.
In an effort to be fiscally responsible, the Town has confirmed multiple funding sources for the project including grant funding, cost sharing agreements, Municipal funded borrowing, and reserves.
Funding
The total cost of the project is estimated to be $18.5 million and after proposing a scope change to this project from a recreation facility to a twinned arena, the Town is still approved under the Federal ICIP and the Provincial MSI for a combined total of $13.5 million.
There will be $1.2 million taken out of the Town’s reserves, and Parkland County has committed to a cost sharing agreement for $1 million as many of their residents will also benefit from the upgraded facility.
In order to complete the project, the Town will borrow up to $2.9 million to be repaid over the next 30 years.