01/28/2014 10:10 EST | Updated 03/30/2014 05:59 EDT

Regina city council outlines game plan for loan to build new stadium

REGINA - Regina city council is going very long on a $100-million loan to help build a new football stadium for the CFL's Saskatchewan Roughriders.

Councillors have given formal approval to borrowing the money and repaying it over the next 31 and a half years with an interest rate of 3.99 per cent.

The rate will remain in effect over the life of the loan, with the city making semi-annual payments of just over $2.8 million.

A $12 surcharge will be added to tickets for football games, concerts and other events to help cover the loan.

Mayor Michael Fougere (foo-ZHAYR') says the city had to move now because of fears that interest rates may rise.

The Saskatchewan government is contributing $80 million dollars to the stadium project, while the Roughriders are putting up $25 million. (CJME)