The construction of a new transit hub/innovation centre is one step closer after last night's council meeting.
Receiving no objections or petitions from the public, council cleared the way to borrow $4.4 million towards the cost of constructing the new facility on Railway St.
The balance of the $10.5 million development is being funded through provincial GreenTRIP and Municipal Initiative Sustainability funding.
The town expects the cost of the debenture will be covered by leasing space in the building to two established tech companies. Letters of Intent have been signed but as of yet, no leases have been signed.
Mayor Genung believes the approval of the debenture is a major step towards finalizing these leases.
The $4.4 million will be borrowed over 30 years at an estimated annual cost of $214,150. It will place the town at 30 per cent of its approved debt limit.
The town says it will have no impact on property taxes.
Ground is expected to be broken on the project this spring.
Tue, Apr 16, 10:15 AM
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