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Consultants will weigh in on the location and design of a new multiservice arena in Peterborough to replace the aging Peterborough Memorial Centre after councillors approved a feasibility study this week.

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The new facility would replace the Lansdowne St. arena built in 1956 for $875,000. It received a $13 million renovation in 2003. And, in the next two years, another $3 million is expected for repairs.

“The money that we’re putting into it is to keep it going,” said Peterborough Memorial Centre facilities manager Jeremy Giles. “If we were to put shovels in the ground tomorrow on a new arena we would still need to invest that money in this facility so it’s not money wasted.”

Peterborough Memorial Centre requires $3 million in renovations just as the city is looking at replacing it with a new arena.

Before moving ahead with a new arena, the city wants an in-depth feasibility study to assess the need. The study will look at cost, size, and location, even though the downtown Public Works Yard on Townsend Street is already touted as a potential site.

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The study is projected to cost $150,000. The city is now inviting consultants to bid on the process in the hope of choosing one in early December.

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“The fact that we’re looking for a replacement for this facility I think is a positive,” Giles said. “It reflects well on the Petes and the Lakers, that they’ve grown their product to the point that wère actually having this conversation.”

Peterborough Petes general manager Mike Oke said the idea of having a new facility is appealing.

“We’re excited . . . that we’d have a brand new facility that would be able to host other world-class events,” he told Global News.