It is official – Peterborough City Council has given final approval to the financial framework for a proposed new Multi-use Sport and Event Centre, moving forward with plans to replace the aging Peterborough Memorial Centre.
Council voted to commit approximately $57 million — roughly one-third of the estimated project cost — toward the proposed facility, while directing staff to pursue outside funding sources for the remaining two-thirds, estimated at about $114 million.
The proposed sports and entertainment complex, known as the MUSEC project, carries a preliminary price tag of approximately $170 million, including construction, consulting and contingency costs.
Staff have also been directed to prepare a financing plan for the city’s contribution, including potential amendments to the municipality’s debt limits.
In addition, council approved a $1.7-million pre-commitment in the 2027 budget to fund early-stage work including a project manager position, site studies and consultant services.
The preferred site for the facility remains the current city bus garage property on Townsend Street, a location previously endorsed by council.
The project has been under consideration since 2018, when the city launched feasibility studies examining options for replacing the 70-year-old Memorial Centre. Those studies reviewed projected timelines, economic impacts, tourism potential and the costs of renovating the existing arena compared to building a new venue.
City staff presented several financing options for council consideration, ranging from abandoning the project entirely to fully debt-financing the complete $170-million development.
Among the scenarios analyzed were committing only what the city could reasonably afford under its current debt capacity while seeking external partnerships, financing the full project through increased borrowing, or partially funding construction through the sale of city-owned assets.
Council’s approved direction now focuses on securing partnerships and external support from the federal and provincial governments, the County of Peterborough, private-sector sponsors, naming rights agreements, fundraising campaigns and other non-debt funding opportunities.
The city says the proposed facility is intended to support economic development, tourism and recreation goals while replacing infrastructure at the Memorial Centre that continues to age and require major capital investment.
