Door Opened for Library Entrance Project
New entrance project – image courtesy City of Prince George
Prince George, B.C. – The Bob Harkins Library entrance project has been pegged at $2.47 million dollars, and while Administration preferred borrowing the money from the Municipal Finance Authority over 20 years, but internal debt funding was the one Council chose.
Councillor Terri McConnachie opted for the idea of internal debt funding because it could be implemented sooner than through the Municipal Finance Authority.
The City’s endowment reserve, which ensures the City has cash flow until taxes are collected, has a balance of about $25 million dollars. That reserve is healthy says City Manager Kathleen Soltis, and a project of this size would not jeopardize the fund.
A lower interest rate by borrowing from the endowment reserve, means a savings of about a million dollars over the length of the term. And since the City would be borrowing from itself, there is no need to go to the electorate for approval, so no referendum, no alternate approval process.
“Once the hotel (Marriott Courtyard) is completed, we are going to see a completion of Canada Games Plaza ” said Mayor Lyn Hall, who said the area will be a “hub” for entertainment and events.