Greater Vernon residents will be going to referendum on April 6, 2013 to vote on whether they support long-term borrowing (20 years) of up to 8.5 million dollars to construct a state-of-the-art sports facility.
Frequently Asked Questions
Click here to download a list of frequently asked questions.
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Project Cost and Financing
Facility Construction Cost
The facility construction cost is estimated at $7.8 million. The following is a rough breakdown of the total project cost:
| Track and Playing field | $5.38 M |
| Change room and showers | $915,000 |
| Public washrooms | $389,000 |
| Classroom | $124,000 |
| Equipment and seating | $542,000 |
| Offsite work | $450,000 |
| TOTAL | $7,800,000 |
Like all Greater Vernon parks and facilities, the proposed facility will have an annual cost to operate and maintain it. Maintenance costs have been estimated at $40,000 for site maintenance, which includes natural turf, garbage, security, shower room and bleachers. The maintenance for the artificial turf is estimated at $11,000.
Annual Cost Per Household / Business
The cost per average household would be $20 a year, for 20 years. This amount would not increase if interest rates rose, since local government is able to borrow at a locked-in rate, for the full twenty years, through the Municipal Finance Authority of BC.
In order to calculate the exact cost for your household, you’ll need the value of your IMPROVEMENTS only, from your BC Assessment. The value of your improvements, divided by 1000 and then multiplied by $0.09 is the actual amount your household would pay per year.
Below is an example of the calculation for a home with an Improvements value of $200,000:
- 200,000 divided by 1000 = 200
- 200 X 0.09 = 18
The cost per year for this household would be $18.
In order to calculate the cost for your business, use the same calculation but use $0.22 instead of $0.09.
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