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After a second set of consultants,
Monteith Brown,
rejected the idea of expanding the current St Marys Ontario Arena with an additional ice pad, swimming pool and fitness centre St Marys Town Council instructed staff to prepare specifications for the project.
Presented unannounced at the August 23, 2005 council meeting was the specifications from staff, the
Bryson Report.
A architect was hired along with A W Hooker Construction Cost Consultants to estimate project costs from these specifications.
Then Deloitte and Touche took over as financial consultant.
Following is from the handout at the presentation by Ron Bidulka of Deloitte and Touche at the public meeting March 9, 2006.
Their report was titled 'Community Recreation Centre Financing Strategy'.
The more usual description of the project is the St Marys Arena Expansion or the Living Life Project or more recently the Pyramid Recreation Centre
- "All-in" cost of the Project estimated at $16.0 million
- Net cost of the Project to the Town estimated at between $3.9 million and $7.65 million
- Net financing obligation estimated at $13.0 million
- To support the projected net financing obligation, an appropriate method involves
- accessing various revenue sources, including fundraising, gas tax, investment income revenue, organic assessment growth, retired debt payments, unconditional grants and user surcharges
- invoking a 1.50% tax increase in 2006
- invoking a 1.75% tax increase in 2007
- potentially needing to go back the tax base for a further 2.00% increase in 2014
- In operating the Facilty, a total annual operating obligation in the range of $385,000 is estimated
- Assuming 100% of the Town's current operating deficit at the St Marys Area Arena and Cadzow Pool could be utilized, the Town would need to access approximately 62% of its Facility Maintenance Fund to support the Project without having to obtain revenue from additional taxes
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