Civic Centre Regional Office Building Project AAP
|Civic Centre AAP|
|Civic Centre Project Information|
|Civic Centre Project FAQs|
The approved financing strategy for the construction of the Civic Centre - regional office building will be tax neutral to residents. The regional district developed a financing strategy based on redirecting the current lease amount and reserve fund contribution towards the debt repayment. Instead of paying rent with no building asset, the regional district would be paying debt payments with ownership of a community asset at the end of the term.
The project is estimated to cost 11.7 million dollars based on Class D estimates. It will be funded through a combination of 2 million dollars from reserve funds, 1.5 million dollars of grant funding from the electoral area community works funds, and the remaining 8.2 million through long term borrowing.
As long-term borrowing is necessary, a loan authorization bylaw [PDF - 107 KB] is required which must be approved by electors. An alternative approval process (AAP), as approved by the board, will be used as the means to seek the required elector approval for the loan authorization bylaw for the construction of the Comox Valley civic centre regional office building.
From July 6th until August 18th the Alternative Approval Process ran for this project. At the close of the process, on Friday, August 18, 828 eligible elector response forms were received in the service area and the board may now consider the bylaw for adoption and next steps at their August 29th board meeting.