City to borrow another $45M for ALC work
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The City of Vernon will be moving forward with the second round of borrowing to fund the work on the new Active Living Centre.
City Council will received a report requesting that $45-million be borrowed from the Municipal Finance Authority of British Columbia this fall to fund the work at the site of the new recreation facility. As per the Active Living Centre Loan Authorization Bylaw, the Regional District of North Okanagan will also be asked to give consent to borrowing the funds in order to advance a security issuing bylaw.
In total, the city is receiving loans of up to $121-million for this project. That includes $31.5-million borrowed in 2024 and $44.5-million to be borrowed in 2026.
The money will be repaid over a 30 year term after the project is completed, which is estimated for late 2026.
