String of Loans Need Electoral Approval
Prince George, B.C.- Council for the City of Prince George will be asked to put the gears in motion for the alternate approval process to get underway so the City can borrow funds for a number of projects.The amounts to be borrowed for each of the five projects are not the issues, but the term of the loans is. Each loan would take longer than 5 years, so that means the City needs approval from taxpayers to go ahead with the borrowing plan.
The projects, and their values, are listed below:
Hart Industrial Storm Drainage $1.47 million term-20 years
Mobile Equipment Financing $4.222 million term – 10 years
Public Works Yard Development $1.45 million term – 20 years
Nechako Riverside Park $630 thousand term – 20 years
Snow Disposal, West Bowl $2.93 million term – 20 years
TOTAL $10.702 million
Under the alternate approval process, 10% of all eligible municipal voters have to sign a petition saying they do not approve of the borrowing in order to prevent the City from securing a loan for each project.
Also on the agenda for this evening’s regular meeting, the subject of illuminated signs. Council will be asked to approve a variance to allow illuminated signage on a building in the BCR industrial site. The signage is larger than currently allowed, and Council recently denied a similar request from another business in the BCR. There are concerns the animated signage could be distracting to drivers and pose a safety hazard.