Thursday, December 15, 2016
New Arena Cash By Spring:
Arena cash by spring
Kate Bouey - Nov 17, 2016
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.