The city's executive committee says the open-air stadium that would be home to the Saskatchewan Roughriders of the Canadian Football League would seat 33,000 fans.
The proposed funding model calls for the city to kick in $60.6 million and Ottawa $8.8 million.
Saskatchewan taxpayers would be asked to carry most of the financial ball — $208.8 million.
Neither the province, which is forecasting a modest budget surplus, nor Ottawa, which is slashing billions in government spending, have committed any cash.
Federal Agriculture Minister Gerry Ritz, minister responsible for Saskatchewan, said in an email no money will be forthcoming.
"Canadians gave us a mandate to get back to balanced budgets and continue to focus on jobs and the economy," Ritz said.
“Our most recent election platform stated that we will not fund professional sports facilities. We will continue to apply this policy uniformly across the country.”
If the stadium is approved, construction would begin next year and be completed in 2016.
(CKRM, The Canadian Press)