ASHLEIGH MATTERN
Editor-in-Chief
 
    Renovations to Place Riel are starting to take shape.

    New spaces for The Campus Computer Store and The Cove are expected to be completed by January 2010, along with the new stairs where escalators used to be. A new space for the Global Commons and an expanded food court should be in place roughly by August 2010.

    Several key organizers made presentations about the current status of the project at the Place Riel Renovation Project Town Hall on Oct. 29.

    Justin Wotherspoon from Saunders Evans Plosker Wotherspoon Architects showed several slides of the most current floor plans for Lower Place Riel and the main floor, and plans for what will eventually become the second, third, fourth and fifth floors. Three of the five floors have been completed so far.

    Lower Place will still hold Campus Computers, The Cove, the Global Commons and the food court, while the main floor will merge the Information Centre and reception for the University of Saskatchewan Students’ Union. The second floor will house the USSU offices and club space, and the third and fourth floor is tentatively planned for Student Health and Counselling. The fifth floor will be the mechanical penthouse.

    “In Phase 1 we’re concentrating on the lower level while simultaneously working on all other areas,” explained Wotherspoon. “The reason we focus so much on Lower Place Riel is that it’s really important to get that revenue to the USSU.”

    While the plans for Lower Place (pictured) are fairly accurate, Wotherspoon explained there have been changes since the last draft.

    Ron Cruikshank, director of projects and engineering in the Facilities Management Division, said the university is financing the third and fourth floors for future development. At the moment, Student Health and Counselling doesn’t have enough funding to move into the space but it is being designed for them nonetheless.

“We’re in the process right now of developing a fundraising campaign,” said Cruikshank. “We are in the design process for designing the space so hopefully when the design is completed our fundraising will be such that we’ll be able to move ahead with construction as well.”

    Michael Hintze from First Nations Bank and Beth McConnell from TD Bank were also on hand to talk about the loan for the project. About $18.3 million has been approved for funding, and USSU president Warren Kirkland says the students’ union expects to pay it off in 30 years.

    While the USSU hasn’t drawn on the loan yet, Kirkland said the first bill requiring a draw on the loan was received and is being processed. The the USSU forward booked $12 million on July 14.

    “We forward booked, meaning we locked down the interest rate on that date,” explained Beth. “Why we did that is because the expectations were that interest rates were going to continue to go higher… so the bond market has certainly gone up on us.”

    By June 1, 2010, $12 million will be funded, with $6.3 million left over. Beth explained they only partially booked the loan because they wanted to wait and see whether the entire amount was needed. The $6.3 million is still available to be drawn but the banks have not locked down an interest rate on it yet.

    During the construction period, the USSU will only be paying interest on the loan, at a rate of about 2.25 per cent. That works out to about $76,000 per month on a $12 million loan, or about $116,000 on an $18 million loan. The interest will shrink as the debt is repaid.

    “Really, it’s coming from the student fees that is generating from you folks and your parents, I guess,” said Beth.

    Doug Tremblay, assistant director of accounting with Facilities Management, said the project is currently on budget but with little wiggle room.

    “We’ll be very carefully monitoring project costs that will be incurred and looking for cost savings,” Tremblay said. “There’s always going to be opportunities to analyze and say ”˜is this full estimate required for any line item?’ ”

    To wrap up the hour-long meeting, the USSU premiered their humorous yet informative Place Riel Update Video. To watch the video and read more about the Place Riel project, see renewplaceriel.ca