Some of Don Quixote's Questions re new Library/Civic Complex

Some Questions that need to be answered re the Library/Civic Complex:

• 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 ?
• 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 ? Which is the correct figure?
• The cost per average house is based on a 25 year borrowing. What is the comparable figure for a 20 year borrowing ? Has the City either borrowed over 25 years recently or does it have any 25 year borrowings outstanding? All borrowings for Arena and Performing Art Building are 20 year amortizations? UPDATE :I have been informed that the sewer plant was a 25 year financing.
  
• Has the Library agreed to be a participant in a 20 year borrowing ?
• The rental income of $597,805 (after we subtract the Library Portion of funding of $674,922 (over 25 years) from original listing on website of $1,272,727) needs clarification.

1. The RCMP recovery on 6000 sq ft of $186,646 annually ($31.11 sq. ft.). Is this all brand new revenue and will any of this rental income actually be charged back to taxpayers through a line item in the Police budget.
2. The rental of one floor (9210 sq. ft) at $235,588.57 ($25.58 sq. ft) is calculated at an 82% occupancy rate. How long is this one floor envisioned being rented and what would be the effect to the average taxpayer's expected yearly taxes if it went unoccupied ?
3. The Art Galley Funding of $47,028 is the present rental that the City gets from GVSC. (70% Vernon taxpayer funded). This can not be considered new revenue money?

• What is the actual expected cost to the average taxpayer for the capital costs of the building (ignore the anticipated rental income etc. of $597,805) under both a 20 year and a 25 year financing?
• In the Original proposal that was used for a Grant application last January it was stated "Staff parking,and accessible parking, the requirement for parking is 100 stalls." On this new design we have the same size library but parking has decreased to 59?
• The cost per stall in Original plan was $37,150 and now is $43,711 (down considerably from the $55,543 in original new presentation of Dec. 07 but still a long way in excess of parking stall costs for hospital in Kelowna. of $24,540?)
• The financing details for a $30 million dollar borrowing is detailed on the City's website but the project is costed out at $32,436,255. This is a $2.436 million undetailed cost. "Currently the TOTAL COST is estimated at $32.4 million (this includes all hard and soft costs - of these costs $1.1 million represents non-cash items such as City staff time, DCC's and Building Permit fees)." Excluding the $1.1 million of non-cash items that leaves $1.336 million to be financed? Will it be financed by current taxes, reserves or land sales?
  

----------------------------
Don Quixote Note: I hope that someone at City Hall will note these questions ,print out and give to moderator to ask and save me the trouble of having to ask these long winded boring financial observations at tonights meeting at 7 pm at the Recreational Complex. Any answers I get will be posted on the BLOG asap.