Alternate Approval Process Extended
By 250 News
Tuesday, November 16, 2010 03:59 AM
Prince George, B.C. – The Alternate Approval Process that is in place to borrow money for the construction of the new RCMP building , has been extended.
The deadline was initially set for December 16th, but that depended on all the legal requirements of the notices of the approval process being published in the local newspaper.
The local daily paper goofed.
It published the first one, but failed to publish the second. That means the City now has to go back to square one, and publish the notices of the process once a week, for two consecutive weeks.
The bottom line is that instead of all opposition to the borrowing of the $13 million plus dollars being registered by no later than 5:00 p.m. on December 16th, the deadline is now 5 p.m. on December 30th
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You can print the petition off the Citys website after which you have the option of mailing it in, or hand delivering it to City Hall, however you cannot send it in by email.
People should keep in mind that this particular Alternate Approval is to allow the City to borrow $13,821,000.00 they already have previous approval for $23,917,000.00 so in effect they will be borrowing approx $36 Million. This is a huge number and with an interest rate of 5% over 20 years you are looking at approx $1.6 Million per year in interest alone.
Total cost of the Police Station over 20 years including interest on borrowing, will be in the area of $68 Million.
Dont be misled by the statement that it will cost you $66.00 a year on a home valued at $200,000.00. This statement may be true, however on more expensive homes you will pay more, and of course business and industry will pay much more.
The Citys debt at present is somewhere in the area of $116 Million, and with the Police Station, Winter Games, etc; it will be going up significantly. So will our taxes.
While all this borrowing and expenditures are taking place the City is telling us that they do not have money to properly clear our snow, fix our roads, repair our sewer and water systems, etc; I wonder why??
People should make every effort to sign this petition. The Alternate Approval Process requires 5237 signatures to be successful. 10% of 52,173 electors.
If they get the 5237 this forces the City to hold a referendum on this issue and the taxpayers of Prince George will have a chance to say yes or no on the borrowing. If less than 5237 signatures are collected, the City is automatically allowed to borrow the money.
Make no mistake about it. If we do not take action to slow down or stop this inane spending at City Hall they will basically put us and our children into debt for the next 20 to 30 years, without a hope in hell of digging out.
We need to have a serious look at this Police station, its location, and its cost, before we give the City a blank cheque.