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| City of Prince Rupert CFO Corinne Bomben has a number of reports for council tonight |
Her report for Council which is available on the City website outlines the Estimated Cost of the project which is set at $23,000,000.
7 Million of the total cost is covered by grant, with the city to use Prince Rupert Legacy funding for another 5.9 million dollars.
That will leave a ten million dollar debt, which the Finance Office will seek a loan authorization for tonight, with repayment terms of $515,000 per year over the life of the loan. The CFO indicates that the expected period of the borrowing would be for 25 years.
Ms. Bomben notes in her report that the contract for Phase Two was awarded in 2018 to Eiffage, with 2019 used to refine the contract, further organize the dam design and await the appropriate season for construction of the dam.
Tonight, in addition to receiving the information, Council will be asked to decide how they wish to consult the public on the loan request, with two options listed for consideration.
Use of the Alternative Approval Process or that of a full referendum for the public to participate in.
The Report to Council can be reviewed below:
Those with an interest in the presentation can view tonight's Council session from the Live Feed on the City website starting at 7PM, or through the Archive of Council sessions hosted by the City's You Tube page.
For more notes on tonight's City Council session see our Council Preview item here.
Notes from the session will be archived here; while a wider overview of City Council Discussion themes can be explored through our Council Discussion archive.
Cross posted from the North Coast Review.
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