Money will be borrowed to help fund the Cultural Centre
The funding gap for the Greater Vernon Cultural Centre is being filled.
The Regional District of North Okanagan’s Board of Directors decided Wednesday, Sept. 11, to borrow money on a short-term loan to close a funding gap needed to build the facility.
The RDNO stated the total project, including all soft costs, escalation estimates, and a contingency amount, was estimated at $46-million. The RDNO had previously secured $33-million, including a $28-million long-term loan, resulting in a $13-million gap.
The Board of Directors approved a plan to borrow that needed $13-million on a five year term.