Library Project To Be Funded Internally

Prince George, BC, Canada / CKPG News
Library Project To Be Funded Internally

Despite a recommendation to pay for the cost of upgrading the library entrance through debt, Council has gone with a different option. That option would see the $2.5 million dollar project funded internally from the $25 million dollar Endowment fund, which would pose no risk “whatsoever” to that Fund, according to City Manager Kathleen Solis. The initial plan would have required electoral assent as the loan would have been amortized over 20 years. However, the option Council settled on does not require the project to go to either referendum or alternative approval. It also allows the design work to get underway much sooner.
“This has been interesting,” said Mayor Lyn Hall. “They (the Library Board) have been before us many, many times. But now we have some certainty.”
He says, along with completion of the Marriott Hotel, the new library entrance project will means the Canada Games Plaza “will be complete.”
The library entrance upgrade has been on the “unfunded” capital budget for several years. That means the project has been identified as needing attention, but there isn’t the money to make it happen. During the last budget discussion when the capital budget came up, it remained on the “unfunded” portion once again. But at the insistence of Councillor Albert Koehler, it was brought into the current capital plan for 2017.
it’s expected the design work along with some geotechnical workers will get underway this year and the real work will start next year.

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