View Royal sets loan terms for proposed fire hall

Council also opts to look at procedures bylaw dealing with petitions and delegations

View Royal residents will go to referendum Nov. 24 and now they’ll know the terms of the loan for a proposed new fire hall.

Of four options brought forward by municipal staff at a recent meeting, council followed staff’s recommendation to seek a 20 year loan at an estimated interest rate of 3.5 per cent. That rate is based on current interest rates, which could change by spring 2013, when the town would actually take out the loan.

A loan of $5,490,000 is projected to cost $3,843,000 in interest over the 20 years. Of that $1.8 million will be repaid through actuarial funds generated by investments made by the Municipal Finance Authority of B.C., the agency issuing the loan, estimated to be at a rate of four per cent.

The total amount to be paid back by the town is estimated to be $7,530,276.

Annual payments of the loan would amount to $376,514. Of that, $27,000 would come from non-residents, namely First Nations communities, with the rest to be paid by View Royal residents.

For an average single-family residence this would amount to a property tax increase of $85 per year, or $7 per month, for a 6.7 per cent increase to taxation. The cost to businesses would be an estimated average $648 per year.

Borrowing money through the Municipal Finance Authority means lower interest rates for the town, Mayor Graham Hill said.

Should council have chosen a 25-year loan it would have cost the town an estimated additional $569,116 in interest.

“We expect this building to service our community up to 50 years,” chief administrative officer Kim Adema said at the meeting. “So it wouldn’t be unheard of to try to match that term with the cost so that those that are benefitting are actually paying for the building. However, that conflicts with optimizing the scenario in terms of the tax bill and interest bill.”

Council also passed a motion to bring the procedure bylaw for petitions and delegations to the next committee meeting for review. This is in response to members of the public using the platform to raise questions over the fire hall in ways some councillors object to.

 

“I really do feel it is almost being made a mockery of,” said Coun. David Screech. “It has been a venue for people to bring new information to council and it’s not a political forum for people to get up and make the same point over and over and over again at meetings.”

 

 

Just Posted

Saanich school grapples with death of 13-year-old

Teenager died after being struck and pinned by tree while on a field trip near Sooke

No boozing while BC Ferries cruising

Planned June launch for alcohol sales delayed

UPDATE: Firefighters bring Sooke wildfire under control

Firefighters responded to a wildfire that burned an area about 100 by… Continue reading

UPDATE: Victoria teen killed on field trip near Sooke

Second youth also injured in incident at Camp Barnard

New map a welcome addition for Victoria dog owners

UVic student maps out hundreds of pet-friendly locations across Greater Victoria

VIDEO: Rare white killer whale captured by drone near Campbell River

The transient orca has been named Tl’uk, a Coast Salish word that means ‘moon.’

Greater Victoria wanted list for the week of June 18

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

POLL: Do you support the government’s decision to approve the Trans Mountain pipeline expansion?

The federal government announced Tuesday its approval for the Trans Mountain pipeline… Continue reading

B.C. imposes interim moratorium on resource development to protect caribou

The caribou population in northeastern B.C. has dwindled over the last two decades

Students disciplined after anti-LGBTQ signs posted in Kamloops high school

Vessy Mochikas, SD73’s principal for inclusive education, called incident a learning opportunity

Air Canada expects Boeing 737 Max to resume flying by September or October

Air Canada isn’t worried about safety of the planes, says vice-president

‘The Fonz’ gives thumbs up in letter to dyslexic students at B.C. school

Students in Maple Ridge reached out to Henry Winkler after reading one his Zipster books.

PHOTOS: MP Mark Warawa loses brief battle with cancer

The Conservative Member of Parliament and long-time community advocate died in hospice this morning

Commercial fishers in B.C. now required to wear life-jackets on deck: WorkSafeBC

WorkSafeBC reports 24 work-related deaths in the commercial fishing industry between 2007 and 2018

Most Read