letter-–-countdown-is-on-for-the-alternative-approval-process;-vote-no

Rubriques :

LETTER – Countdown is on for the alternative approval process; vote No

The countdown for the Alternative Approval Process is on. DEADLINE: 4:00PM FRIDAY SEPTEMBER 13, 2024 CITY HALL, 7 VICTORIA STREET WEST VOTE NO. If you do not vote, you are considered a yes for the borrowing of $275 MILLLION DOLLARS: $140 million for the Kamloops Centre for the Arts; $135 million for the Arena Multiplex and Future Development FACTS TO VOTE NO: The City is stating that this debt load will be over 30 years. $25 per year for 5 years, then $125 per year in perpetuity. Municipalities tend to borrow funds from the Municipal Finance Authority of BC. By using this organizations debt calculator, a $275m debt with an interest rate of 3.6%, 30 year term, the estimated annual debt payment is $15,140,036. With a population of 100,000 people that is $151 PER PERSON PER YEAR FOR 30 YEARS. Even with a population of 150,000 people the payment is still $100 per year and this doesn’t include any potential interest rate increases. City of Kamloops has already approved a short term loan for $7 millions for project validation and detailed design plans City of Kamloops has included an annual 1% tax increase in our taxes beginning in 2024 for [...]

Rubriques :

LETTER – Countdown is on for the alternative approval process; vote No

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