Cheat Sheet for Civic Complex referendum

WHEN YOU CHECK YOUR POTENTIAL COSTS USE YOUR LAST YEARS ASSESSMENT ON YOUR 2007 TAXES NOT THIS YEAR's NEW FIGURES !

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Don Quixote Note:

The City has used both a $5 per month figure ($55.86 annually ) for the 400,000 property in their ads and a $49.86 figure for the 2007 average priced house in their website. Both these figures are for a 25 year financing and include all estimated recoveries but do not include any operational costs.

This table contains extra information for the 20 year financing that I expect the City to actually use and also the costs to your property for the capital costs excluding operational revenue.

This will give you a range for your property on an annual basis. This will allow you to judge the costs that you may ultimately face if you approve this project.

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Caveats on use of this table:

• Interest rate chosen by city was 4.9%. Market rates as at today Dec 5 from http://www.mfa.bc.ca/marketrates.htm are 5.75%. (This market rate if used would add $255,000 to the overall $30 million financing. Approx. 2/3 would have to flow to the cost to the City's taxpayer). Updated Jan 16 rates have been changed to 4.75%. (Looks like MFA rates are going down or their postings were incorrect in first place. )
  
• These figures are based on the City's share of the $30,000,000 financing. The Library's share is not included.
• Any overruns will increase your annual cost. Underruns will decrease your annual cost.
  
• Any Grants received may decrease your annual costs.
• An agreement with GVSC to share in annual rental of the Art Gallery could decrease your City tax Bill. Your GVSC tax bill would rise but at a lower cost.
• An agreement with GVSC to share in the capital costs of the Art Gallery ($4,822,000) as they did with the Performing Arts Building and Multiplex would lower your annual cost. Moreover the tax basis would be on improvements only on your tax bill as opposed to the City's legislated basis of Land and improvements.
  
• The Expected rental recoveries of $597,805 annually can be found at the City's website at The Proposed Civic Complex - Detailed Financial Information
• There are no operational cost estimation for running the building. Naturally they would offset revenue from rentals and raise your annual costs.
• There are no expansion of taxbase factors in this table or the City's figures. This might lower your tax cost.
• To see the 20 year and 25 year amortization schedules which will give you the interest payable etc over the term see : $30,000,000 Sinkers for a 25 and 20 year Amortization. (For my bean counting readers)
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• CLICK ON IMAGE BELOW FOR SHEET THAT YOU CAN PRINT OUT: (Same sheet as above but smaller print format)