The Castlegar recreation commission has voted to reduce borrowing on the proposed community complex enhancements project.
At its meeting last week, the Castlegar & District Recreation Commission passed a resolution to reduce the amount of borrowing on enhancements to the Castlegar & District Community Complex (CDCC) to $22 million.
The project is currently estimated to cost $32,370,000. The Commission would pursue grants and other sources of funding for the remaining cost of the project.
“It has always been our intent to pursue any grants or other potential sources of funding that are available to support the cost of this project, so taxpayers don’t carry all the burden,” Lawrence Chernoff, chair of the Recreation Commission, said in a press release. “With this resolution, we are putting our money where our mouth is. If we don’t achieve the additional funding, then the project will not move forward.”
Voter approval for this borrowing will be sought through a referendum planned to be held before summer 2018.
If the board approves moving forward with borrowing $22 million over a 25-year term, and if approved through the referendum, the impact is estimated to be $51.04 annually for a $100,000 home, or $153.12 annually for a $300,000 home.