Residents of the South Cariboo Recreation Service area will be asked if they authorize the borrowing of up to $10 million dollars over 20 years to build an indoor field, hard court gymnasium, and walking track.
The Cariboo Regional District Board of Directors voted Friday that the South Cariboo Recreation Centre Expansion project will proceed to referendum.
“The initial paperwork has gone into the province,” says Margo Wagner, CRD Chair and also Director for Area H.
“Some more will now follow and we’ve now passed further resolutions that are connected with getting referendum permission from the province. The date that we tentatively have in mind is June 9th, but it’s going to depend on how fast the province gets the stuff back to us.”
The estimated annual cost to undertake the borrowing and operate the upgraded facility translates to a residential tax rate increase of approximately $65 per $100,000 of net taxable assessed value of land and improvements.
“We have said that unless we can get the granting for the remaining $4.8 million because the referendum is only to borrow the 10 million, the process will wait until we get the funding,” says Wagner.
“Right now we don’t have the $4.8 million so the time limit on a referendum is 5 years. So we have 5 years basically to try and raise some money, and we’re hoping it doesn’t take that long.”
“If the referendum doesn’t pass then the referendum doesn’t pass and we’re done.”