Unless you say otherwise, a handful of local projects will be upgraded.
The city is going to borrow money to make infrastructure fixes. Instead of voting for what’d you like to see fixed, you’re being asked to voice what you don’t want to fund.
Council would borrow the money from the Municipal Finance Authority, and have to pay back $939,500 a year.
Councillor Garth Frizzell says this may lead to a tax increase, but likely less than 1%.
“We use the MFA on a regular basis to pay for critical things like the ones that are listed. so some of those loans end, some of the new ones begin, and this is a regular system that we use to pay for these big, expensive infrastructure projects,” he says.
The projects include replacing some vehicles in the city fleet (total of $4,570,279 – $495,574 over ten years at 1.5% interest), upgrading the 2nd Avenue parkade ($2,725,000 – $179,348 over 20 years at 2.86%), upgrading the Plaza parkade ($1,170,000 – $77,004 over 20 years at 2.86%), replacing the Kin 3 arena floor ($1,050,000 – $69,106 over 20 years at 2.86%), and preparing Willow Cale Road ($1,800,000 – $118,468 over 20 years at 2.86%).
There’s no date yet for when your “no” vote will be due.
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