A better look at the numbers in regards to a grant application that could secure funds to upgrade the Castlegar and District Rec Complex. The Rec Commission and Castlegar City Council both endorsed a project outline worth over $19-million based on 2020 construction costs. Up to 73 per cent may be covered by the grant which leaves roughly $6-million that would come from short term borrowing and reserves ($5-million borrowed over five years with $1-million coming from reserves).
Horn says the exact borrowing amount could go up or down depending on few factors. “Between now and 2020 the Commission could work to increase those reserve funds, there could be other funding opportunities that come up whether that’s other grant opportunities or things to contribute to the project, so for now, that’s where the funds would come from but that could change between now and 2020.”
There’s still many unknowns still, says Horn, and it comes down to waiting to see what happens at this point. “The Commission really doesn’t know what they’re working with when it comes to potential impact on the tax payer, or what the project is going to end up looking like. If the grant comes in way lower that we hope, then the Commission is going to have to make a decision whether the project moves forward, in what form, so I think that the hard work is probably down the road in terms of the Commission’s decisions.”
The grant application is due January 23 and the Regional District of Central Kootenay Board of Directors also have to vote in favour of the motion at their regular meeting on January 17.