TCU Place applies for monetary assist from the Metropolis of Saskatoon – Saskatoon

A request from TCU Place for short-term financial assistance will be submitted to Saskatoon City Council for approval.

TCU Place says it needs a short-term line of credit of up to $ 3 million after reducing the number of events it held by 75 to 80 percent over the past 16 months due to the COVID-19 pandemic.

Tammy Sweeney, CEO of TCU Place, told the city’s governance and priorities committee Monday that TCU Place cut spending by $ 5.2 million.

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She said TCU Place has nearly $ 8 million in investments, but there are penalties for redeeming those early.

“We’re losing interest (also),” Sweeney said.

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“The penalties outweigh the interest we would pay the city.”

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Kerry Tarasoff, the city’s chief financial officer, told the committee that the line of credit is viewed by the administration as an investment.

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“This would bridge the Arts and Convention Center until the investment is due and its revenues start to rise again with the facility reopening after it ceased operations during the COVID-19 pandemic,” he said.

“Management believes this line of credit will not be at risk as the $ 8 million investment owned by TCU Place would serve as collateral for repayment of outstanding funds.”

Sweeney said that while the center is applying for a line of credit of up to $ 3 million, it doesn’t expect to use more than $ 500,000 to increase sales in the coming months.

“We have a few small concerts, but by October it will really be 60 to 70 percent of sales again,” she said.

The committee unanimously approved the motion, which is now being submitted to the city council for final approval.

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Live music community optimistic about recovery when Saskatchewan reopens

Live Music Community Optimistic For Recovery As Saskatchewan Reopens – June 20, 2021

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