Civic Centre Regional Office Building Project AAP
|Civic Centre AAP|
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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.
From July 6 until August 18 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. On August 29 the regional district board approved moving forward with the project and adopted the borrowing bylaw.
The next step within the project is proceeding with the detailed design and obtaining a Class B estimate. This estimate will be presented to the board and if costs are looking to high the board may decide to withdraw from moving forward. If the Class B estimates come in on track then the board will have another opportunity to
withdraw from the project during the tender process if building/construction costs come in to high.
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