Borrowing plan selected for funding new Cultural Centre at the taxpayer’s expense in the short-term
The Regional District of North Okanagan plans to borrow some money to help pay for the Greater Vernon Cultural Centre., and is looking at the option that would have the greatest annual impact on taxpayers, but cost less over time.
At a special meeting of the Greater Vernon Advisory Committee (G-VAC) Wednesday, Aug. 21, two propositions for borrowing $28-million to fund the project were made: a 20-year long-term borrowing plan, or a 5-year short-term plan.
G-VAC voted in favour of going with the shorter option.
The report said the five-year repayment would require a higher tax impact, with an annual average household impact of $82 versus the $26 impact of the 20 year plan.