Friday, February 10, 2017

Pay Back For Arena

Vernon, BC, Canada / 1075 KISS FM Ron Manz February 09, 2017 03:30 pm
The re-payment of the loan for the second arena at Kal Tire Place begins this year. Residents in Vernon, Coldstream and electoral areas B and C will see an increase in the parks portion of the property taxes, according to RDNO Chair Bob Fleming. “They do it on an average assessment, so I think they chose up to a $400,000 property, and it was $24 dollars. I think it was in that range.” RDNO has decided to fund 75% of the full year debt payments totalling over $660-thosuand dollars this year. “We start paying in the second quarter of the year on the loan, so we’re taking three-quarters of the amount of principle and interest for 2017.”
Don Quixote Note: The cost will be 13 cents/1000 on IMPROVEMENTS only. The $24 quoted cost is for an average property with $184,600 worth of IMPROVEMENTS.

Note also that for 2017 the loan repayments is for only 3/4 of the year (Starts Apr, 2017) so the typical average house ( $184,600) will only pay 3/4 of$24= $18 in 2017.  (In 2018 the charge will be the full $24),

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