Arena cash by spring

by Kate Bouey - CASTANET Nov 17, 2016 / 5:00 am

Cash needed to pay for the building of an ice sheet next year at Kal Tire Place is expected to be borrowed in the spring – the same time construction begins. North Okanagan Regional District directors gave the OK on Wednesday to a security issuing bylaw that allows district staff to take the next step in the borrowing process. Figures show just over $13 million will be borrowed to pay for the arena, at an estimated 2.4 per cent interest rate, that will be paid back over 20 years. Members of the public approved the borrowing in a referendum a year ago. The new ice would replace the old Civic Arena which has a host of problems that Vernon Recreation staff say could lead to failure at any time. Building work is not expected to start until next March.
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From RDNO Budget Meeting

Amortization Schedule for 20year debt of $13 million
at a 2.4% borrowing rate