Don Quixote Note: Once again the phrase "borrowing up to $30 million over 25 years" rears its head. This City hasn't had a 25 year borrowing term for a long time. They always have borrowed over a 20 year period and this will raise the claimed $40.43 per year effect on the average $289,509 property. If they want Clarity and full and transparent information then they will provide an updated 20 year term projection. If they won't I will do so in the new year. I am willing to be convinced that this project is in my best interests but they better make sure all their financial information is open and accurate.
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Multiplex and Performing Arts Theatre - Where we stand ! and FUTURE DEBT OBLIGATIONS of the City Of Vernon.
will give you the terms and position of some of the outstanding Debt of both Vernon and Greater Vernon. (last updated at end of 2005)Average house in Vernon $289,509. (Land $138,937, Improvements $150,572) would have paid $62.72 towards the $14,750,000 multiplex and $34.06 towards the $9,020,000 Theatre in 2007. This would make the Debt costs for the Multipex $42.21 and the Theatre would be $25.72. Operating subsidy would be $20.51 for Multiplex and $8.34 for Theatre.)
Most of the Multiplex and Performing Arts Theatre was incurred in 2000 at a 6.36% interest rate. The expected rate that the City has used for the new Civic Complex in 2008 is 4.9%.
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