Local politicians have shaved a million dollars off the cost of the proposed sports complex next to Okanagan College. Greater Vernon Advisory Committee members agreed to go to an April referendum to borrow up to 7.5 million dollars for the track and field facility. If approved, the average household would pay an extra $14.72 cents a year, for 20 years. $611,414 in savings came from using a multi use pathway through the site, instead of regular urban standards for curb, gutters and sidewalks. A further $200,000 was saved going with open air seating for 400 spectators, instead of covered seating. The committee chose to stick with the more expensive synthetic turf field as opposed to natural grass ($1,137,00 instead of $525,000), and with a better quality rubberized track instead of a poured in place Polyurethane surface ($1,705,000 versus $1,545,000), but for a cheaper soil based soccer pitch, instead of sand-based. ($50,000 instead of $195,00). GVAC chair Mike Macnabb says approval to borrow $7.529 million will be pursued from voters. "That's a reflection of the maximum amount that we will go to referendum for. It doesn't mean we are going to spend that amount, and what we are desperately trying to do is get many of the user groups to come forward and do some fundraising to provide some of the equipment and some facilities that were looking at in this sports facility," Macnabb told the media. Macnabb and Vernon director Bob Spiers were opposed to sticking with the original plan for $1.3 million in facility buildings like change rooms, washroom and officials rooms, feeling the size of those could be reduced to trim costs. However, Coldstream director Jim Garlick cautioned about cutting too much from the proposal. "We can look for the cost savings but I don't want to short change this to the point where we lose support from user groups," said Garlick. Coldstream director Gyula Kiss was opposed to using the less expensive soil based soccer pitch. RDNO staff say the facility would have expected annual user visits of 104,526 including minor and high school football, field lacrosse, rugby, the running club, school track meets and more than 81,000 visits for general community use. Under terms of the 40 year lease with Okanagan College, OC would get scheduling priority for the facility Monday to Friday 930 am to 12pm and from 1pm to 4pm. RDNO Community Development Coordinator Tannis Nelson told the committee all users who book the venue will have to pay but at this point, it's not known what the fees would be.
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Don Quixote Note: This is what a 20 year term borrowing of 7.5 Million would like as far as annual repayments:
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 $7.5 million loan. Each year the charge to the taxpayers would be 251,863.16 +217,500 (Interest) = $469,363.16 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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