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Arena Financing

Posted: 5/12/2020

 

 

 The Following letter will be going out to all residential property owners over the next week. Please be advised that if you own a house/cabin in the municipality you are responsible for this fee as per the bylaw. 

 

 

Dear Ratepayer:

RE: Community Complex Building – Local Improvement Plan No. 2017-01

 

As you are aware , construction of the Community Complex Building has been completed and the building has been in service. The project exceeded plans as more grants were obtained for new stages. The total cost of Construction was $4,350,695.20 with revenues of $1,667,028.00 in grants obtained and Grettir contribution of $440,000.00 to start the project.

In July of 2017 ByLaw 02/2017 was passed and approved by the Municipal board authorizing the RM of Coldwell to borrow to a maximum of $2,560,000.00 to finance this project. Final borrowing was $2,256,99.80 and will be the amount financed by the following as per the Bylaw 02/2017:

RM of Coldwell ratepayers : $ 528,138.00 ( 743 units paying for this portion)

Lundar Grettir Co-op : $ 925,369.92

RM of Coldwell: $ 803,491.88( a portion of this now needs to be taxed as a mill rate annually due to                                                               limitations in the intended  use of annual  Gas Tax Funds)

Pursuant to Section 325 of the Municipal Act, taxpayers are being provided the opportunity to prepay their portion of the requirement as opposed to financing over 15 years. Prepayments will be accepted until June 12, 2020. Any payments received after that will be returned and the Local Improvement charge will appear on your tax bill annually until the term is finished.

One time payment option                          $710.82 per residential unit **                 Due: June 12, 2020

Or

Local Improvement Levy              no higher than  $69.00/ yr                         Payable each year 2020-2033

** if you own multiple residential units you must multiply the $710.82 by that number

If you have any questions or concerns please contact the office.

Sincerely,

Nicole Christensen, CMMA

Chief Administrative Officer