A Greater Vernon sports facility that's been talked about for two years could finally go to referendum next spring. North Okanagan Regional District staff are recommending a vote be held next April 6th for a Olympic-sized rubberized running track, and a playing field, on the Okanagan College farm land site (5.8 hectares). The referendum will seek consent to borrow up to 8.5 million dollars, with an average cost per household of 17 to 20 dollars a year, if it's approved. RDNO community development coordinator Tannie Nelson says in a report, staff have been meeting with community groups that have been identified as potential users since June. "The community meetings have indicated significant community support for the project and for the voting day for the referendum to be held in the Spring of 2013." Greater Vernon Advisory Committee directors could endorse the date at their meeting Thursday. The agricultural land commission has put a deadline of November 2014 to complete the project.
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Don Quixote Note
Amortization schedule is Based on a 20 year borrowing at MFA present rate of 2.90% (Good for first 10 years and then revised for subsequent 10 years) on a $8.5 million loan. Each year the charge to the taxpayers would be 285,444.88 +246,500 (Interest) = $531,944.88. http://mfa.bc.ca/long-term-lending-rates. (The annual amount needed after 10 years could be revised upwards or downwards at that time.)
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