Library/Civic Complex Answers on Thursday Night?

City fires first shot in Library/Civic Complex referendum.

The above posting detailed the Nov. 26 2 page ad in the Morning Star. In it were promises of more detailed information by Dec. 15. They missed the deadline but eventually some details were published Dec. 18 on the City's Website and the financial details were released there on Dec. 20.
In the Dec. 30 Morning Star we get another colourful, expensive ($4500 ??) 2 page ad that summarize the financial details, detail benefits, and add a FAQ section to address the taxpayers and residents concerns.

A quick reading of this expensive piece of advertising reveal a few obvious errors and inconsistencies and a rather apparent use of semantic hyperbole!
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• "Escalation of construction costs approach $300,000 per month. If construction is delayed a year, the overall cost of the project could rise by a further $1.8 million." My calculations at $300,000 per month for a year (12 months) would be $3.6 million. This statement appears to be a scare tactic to illustrate the costs that MIGHT be incurred if we had taken the Coun. Cochrane approach and brought back a referendum around election time with a clear council vision of a complex on the old Coldstream Hotel site utilizing a P3 partnership and incorporating a housing component in keeping with the OCP. If the intent is to assess this cost to the opponents of the plan if the referendum fails then it can simply be rejected as balderdash by suggesting that all additional timing costs can be traced back to the Council's decision to bypass a referendum and go to a counter petition process last July.
  
• In the Estimated Construction Costs section they mistakenly refer to the Parking Cost of $2,579,000 as "Parking Revenue (59 spots). An obvious error as the parking revenue on the City's website is $38,940 per year (59x55x12). The Estimated Construction Cost per parking stall now comes in at $43,711 down considerably from the $55,543 in original presentation of Dec. 07 by architects. Still a long way in excess of parking stall costs for hospital in Kelowna. of $24,540. (See post)and original costs in Counter petition Proposal of $$37,150 per stall. (Also a big difference from the first proposal in which the Library needed at least 100 parking spots for staff and patrons.)
  
• The City of Vernon and Library have applied for over $2.8 million in grants. No details of grants are given and it is important to know how grant money will be applied if we get it. Will it apply to the Library's construction costs or to the City's costs for office space or maybe even the Art Gallery that the City's taxpayers are presently on the hook for 100%. (No regional buy in yet?)
• Scattered throughout the ad is references to borrowing over 20 to 25 years and in the YES vote section we are told" Cost per average household is approximately $5 per month! The project will be financed over a 25 year period. This $60 per year is in contrast to the $40.43 used on the city's website ? 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.
  
• Is there an agreement in place already that the Library will participate in a 2o year Financing ??
  

I have plenty of more detailed questions about this financing but I will wait to see if they are answered on Thursday night at 7 PM.