Greater Vernon Athletics Park

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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