Pay Back Starts For New Arena

Taxpayers will see a hit on their taxes this year for the new arena at Kal Tire Place.

Greater Vernon Advisory Committee chair Juliette Cunningham says the average homeowner will pay 24 dollars a year for 20 years, but a bit less than that this year….as it’s phased-in.

“Nobody likes debt, but we’re committed to it, so it makes sense we’ll be borrowing it for three-quarters of the year, and we’ll start paying it back then,” Cunningham tells Kiss FM.

Construction on the 13 million dollar twinning project is expected to start this spring.

Cunningham says the regional district will borrow $13 million nd then pay it to the city which will own and operate the facility.

She doesn’t expect any money to be left over.

“There were a few changes made because of the user groups: extra dressing rooms and that kind of thing, so the pencil (budget) is pretty sharp on the project.”

The annual principal and debt service payments will be $885,000.

The 400 seat arena to be built at the north end of the existing building, should start this spring and be done in the fall of 2018.