by Pete McIntyre 107.5 KISSFM
The final price tag for the Greater Vernon Athletics Park will be revealed this week. A staff report on the facility that opened last fall next to Okanagan College, will be released at Thursday's Greater Vernon Advisory Committee meeting. GVAC chair Juliette Cunningham hasn't received the final figure yet, but says they already know the price went over the 7.5 million dollar budget approved in a 2013 referendum. "We had to dip into some reserves to finish the project, rather than waiting for dressing rooms in the future. It just made sense that we went ahead," Cunningham tells Kiss FM. Cunningham says they tried hard to keep the project on budget, but sometimes that's not always possible. "When we are doing projects around our homes, we always under estimate. It's just a reality. I think we tried very hard to get it on budget, or under budget." Cunningham says she's been very pleased with the amount of use the track and field facility has been getting since opening last fall. "Right from when the snow was off the track, we've had a few people using it every day, so it's being used by the greater community."
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http://vernonblog.blogspot.ca/2015/09/greater-vernon-athletics-park.html
The $7.5 million for the Greater Vernon Athletics Park was borrowed at the 2015 Spring Borrowing rate. (2.20% for first 10 years) Using the
attached amortization schedule the Principal payment each year will be $265,208 plus 2 interest payments of $82,500. (Total $430,208 each year for 20 years).
The final bill(Cost) for the Athletics Park will be produced in early 2016. Any cost above the $7.5 million will be funded from existing reserves.
Operating costs (estimated originally at $55,000 per year ) will be known as part of the 2016 GVAC budget.
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