Saskatoon Civic Operations Centre
Integrated Team Solutions SCOC Partnership
Capital Cost: $199 Million, Construction Contract: $133 Million
440,000 sq. ft.
Transit & Transportation
Phase 1 of the Saskatoon Civic Operations Centre involved the greenfield construction of a Transit Operations Facility and a Snow Management Facility. The 440,000 sq. ft. Transit Operations Facility is LEED-certified and has the capacity to store 224 regular-sized and articulated City of Saskatoon buses, with room for future growth. It also includes administrative offices, fare collection, quick service, fueling, and wash lanes. Additionally, it has maintenance bays and inspection pits for fleet maintenance, paint booths, rooms for tire replacement and upholstery repair, a dispatch area, as well as meeting and training rooms. The Snow Management Facility has the capacity to store 1 million cubic metres of snow and stockpile up to 10 metres high. This includes a meltwater collection site where water can be assessed for environmental impacts before being released into storm sewers.
EllisDon also constructed a berm, averaging four metres in height. The berm was constructed on the CN Railway and the Montgomery Place neighbourhood. It is made up of native soil stockpiled from the site with 300 mm of topsoil covered with a blend of native grass seed. The berm provides a visual break for the residents in the nearby neighbourhood from the facility and operations at the Civic Operations Centre and CN tracks.
Development and Equity
EllisDon Capital Inc. was involved in all aspects of the project during the development phase, including the following:
• Developing the financing plan and evaluating funding options for debt and equity
• Working with the finance team to run detailed analyses of various financial structures
• Managing the due diligence process, including lender’s technical advisor, lender’s insurance advisor, and model auditor
• Managing the ratings process with DBRS which led to the Project receiving an ‘A (low)’ credit rating
• Short Term Bonds: $29.4 million
• Long Term Bonds: $104.8 million
• Equity Capital: $10.1 million
Both bond tranches were secured by way of a narrowly marketed underwrite provided by Scotiabank and BMO. To date there have been no incidents of default on either tranche. Equity Capital of $10.1 million was provided by EDC and a co-equity Sponsor with allocations of 25% and 75% respectively.
• 2021 Global Real Estate Sustainability (“GRESB”) List, GRESB