Last week, in our Council highlights, we announced that Municipal Council had adopted a new borrowing by-law for the construction of the Multipurpose Cultural Centre, reduced from $18.6M to $15.1M. Here is some additional information:
Why was the borrowing amount reduced?
This reduction is due to the confirmation of two new amounts secured by the City:
A federal grant of $3,000,000
A private donation of $500,000
The project by the numbers
The total cost of the Cultural Centre is estimated at approximately $28.6M. Close to $16.9M comes from confirmed grants, dedicated funds, and private contributions, bringing the net portion to be financed down to approximately $11.7M.
The borrowing by-law was adopted for an amount of $15.1M, which is $3.4M more than the anticipated net cost. While expected, certain funding amounts will be received later in the project delivery process. As these funds are received, they will reduce the amount actually borrowed.
Tax impact
The anticipated tax impact is calculated based on the net financing cost of $11.7M. This impact will vary depending on the assessed value of your property. For a home of average value ($1,100,714), it is estimated at $82.61 per year.
Tax impact based on property value
