First library/civic building meeting over. (Questions linger)

I attended the Wednesday, June 20th, 2007 – 5:00 – 8:00 p.m. open public information meeting on the proposed library/civic building on the civic complex block.

The handout on the proposed Library and Municipal Offices as submitted by City of Vernon and Okanagan Regional Library by McDowell Quiring Neumann Architects and Edmund Lee Architecture & Sustainable Planning in support of the MRIF grant submission in January of 2007 is quite informative and detailed. Final costs including a funding schedule timetable come in at $28,099,334.

There is a two page handout on the Alternate Approval Process and an extra 3 pages with the 4 year financing calculations as compared to financing over 25 years etc.

The AAP (Alternate Approval Process ) will be from July 16, 2007 to Aug 15,2007 at 4;30 and will require 10% or 2777 of the estimated number of elector to counter petition. The forms available were on display and will be available after the start date at various locations including the Library and Public Art Gallery.

I find the form allowing 10 different signatures is quite acceptable but did suggest that the form be available online at the City's website to download and copy.

I had conversations with some senior staff and the Mayor and expressed by concerns that the short term financing of $20 million as described in their handout and media release on their website was a ploy to ensure that people who wanted a full referendum wouldn't sign the counter petition if the response of the city was to simply do a short term financing. As I described in an earlier post:
'Short-term capital borrowing may be used to acquire assets or to finance capital projects that are typically modest in scale. Debts incurred under this authority must be repaid within five years from the date of issue, if not sooner.' 'The maximum amounts allowed through short-term capital borrowing($50/capita)' Gov. B.C.

I pointed out that this would only allow them roughly about $2 million worth of short term financing and thus was not a viable option. The Mayor assured me that he would check out my assertion!

I am sure that I will be told that they would use the 'Revenue anticipation borrowing ' section of the act. Money is borrowed for expenditures that must be made before the revenues needed to cover the expenditures are received. Once received, the revenues are used to cancel the debt. This would allow them to borrow $5 million per year over 4 years. This is a possibility but carries a Political burden for any Politician to carry into the fall 2008 election. I'm sure if this method was employed rather than a full referendum the taxpayers could be annoyed.

At the Bottom of the handout are the words:
' Council may consider other ways in which to finance the Library Civic Complex project should the "Library and Civic Complex Loan Authorization Bylaw #5086, 2007" not proceed.'

Translated this simply means: We are committed to building the complex and if you defeat this bylaw we will find another way of financing it.