Council to Examine Library Entrance Funding Options
Prince George, B.C. – The entrance to the Bob Harkins Branch has been on a wish list for years, and this evening, Council for the City of Prince George will look at three options on how to fund the $2.4 million dollar project that was added to the Capital Plan for 2017.
Staff are recommending Council approve borrowing the money through the Municipal Finance Authority over 20 years. That option would require elector consent because of the length of the term.
The other two options presented by staff are :
- short term debt – as this would be five years maximum, elector consent is not needed, however, debt servicing costs in the first year would be over half a million.
- internal debt, – borrowing from the City’s General Operating Reserve. Elector consent not needed, but debt servicing costs would be higher than if borrowed from the Municipal Finance Authority.
Council will also review the impact of the new license plate recognition parking program in downtown Prince George. As 250News reported last week ( see previous story), revenue at off street lots is up, but the City will have to relocate more than 200 monthly parking clients in order to update one of its parkades.
Also on the agenda for this evening’s regular meeting, presentations from the Communities Against Sexual Exploitation of Youth (CASEY) and from Volunteer Prince George.
There are two public hearings on the agenda. One requests a rezoning on 7th Avenue in order to construct a 3 storey residential apartment building that would have 9 units.
The other, requests the closure of an undeveloped pathway at one end of Rustad Park off North Nechako Road so the property can be consolidated with a neighbouring property. The price for the pathway has been pegged at $30 thousand dollars.