BCNE’s Requests Back Before Council
Prince George, B.C.- It’s decision night on what to do about the loan the Prince George Agricultural Historical Association has with the City of Prince George.
The Association, which presents the BCNE, borrowed $45 thousand dollars from the City in 2010. Had the regular payment schedule been followed, the Association would have ended up paying the City the principal, and $4,129.00 in interest over the course of the 5 year term of the loan,
That didn’t happen.
Instead, the Association only made two payments over the course of the 5 years, $9,000 in the fall of 2010, and $5 thousand in the fall of 2013. The loan was supposed to have been paid off in June of 2015, but, with interest stacking up, the outstanding balance is now $37,033 dollars, as lack of payments has meant the interest on the loan has climbed nearly 2 thousand more to just over $6,000.
Council could decide to forgive the loan ( or a portion thereof) putting it on the books as a ‘grant’. That would mean tax payers will have to pick up the cost as the amount is not budgeted for in 2016, so the levy would have to be boosted by .04% to cover the amount.
Then there was the request from the Association to have its rent and utility fees ( $2500 a year) waived, plus, waive the cost to rent the grounds for the Spring midway ($3,040.00) and provide free transit during the annual BCNE, just as free transit was provided during the Canada Winter Games.
In a report to Council, Staff point out the free transit during the Games, was only made possible by the work of some UNBC students who, under a project they called ‘Pave the Way’, raised dollars to cover the daily revenue transit would have seen had riders paid fares during the Games.