The Parkinson Recreation Centre (PRC) redevelopment is expected to cost at least $180 million.

The price tag is contained in the Building a Stronger 琉璃神社 Funding Strategy going to city council on Monday (May 15), with an additional $62 million for the Parkinson Recreation Park (PRP) site and offsite works.

READ MORE: Replacement for 琉璃神社鈥檚 Parkinson Recreation Centre could have affordable housing

As well, $36 million is earmarked for the Glenmore and Mission activity centres, $4.5 million for Rutland Recreation Park and $5 million for partnerships with UBC Okanagan and Okanagan College.

It鈥檚 a grand total of $287.5 million.

鈥淧roject funding relies heavily on debt financing at $241.32 million, but also includes capital taxation, reserves, and grants,鈥� reads a report to council. 鈥淒ebt servicing of this $241.32 million will be repaid over 30 years.鈥�

There is $13 million in grant funds included in the strategy, which is coming from the $26 million Growing Communities Fund grant the city received earlier this year.

Part of the funds will be used to help soften the taxation impact from increased debt servicing costs.

The report notes that the highest priority is to keep tax increases for residents stable, and predictable, with no more than a 5 per cent increase in any year for the total city budget overall.

It鈥檚 expected that the taxation increase will be in the 3.66 to 4.83 per cent range over the project construction years.

The report also asks council to have staff to prepare to conduct an Alternative Approval Process (AAP) to borrow the $241.32 million.

The AAP was formerly known as a counter-petition.

It requires that 10 per cent or more of eligible electors sign and submit response forms in opposition to a proposed initiative.

If this happens the local government has two choices. It can proceed to assent voting within 80 days, or put the matter on hold and consider alternatives.

READ MORE: Multiple housing projects require 琉璃神社 council鈥檚 attention

gary.barnes@kelownacapnews.com
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