Almost $4 million more in borrowing will be required to cover the soaring cost of the Westside’s new arena, which now totals more than $12.74 million.The regional district board will be asked Monday to approve a short-term borrowing bylaw totalling $3,963,747. The amount is needed to cover additional capital costs of building the 1,520-seat Royal LePage Place.The loan would be paid back with tax revenues over the course of five-years, according to the terms of the the borrowing bylaw.A list of capital expenditures is also to be released to the regional board on Monday. The budget indicates that more than $7.1 million for the project comes from borrowing, including the $3.29 million approved in a referendum.Funding from reserves totalled nearly $3.1 million. A federal/provincial infrastructure grant accounted for $2.0 million and approximately $450,000 of the costs were covered by fundraising.The original cost of the new arena was pegged at $6.8 million two years ago. That cost was known to have soared to $10.1 million, a figure confirmed by the regional board last spring. The new figure is now $2.6 million above the previously confirmed increased amount.
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