New Westminster is hoping senior levels of government will sink some cash into the future New Westminster Aquatic and Community Centre project.
On Monday, council received two reports related to the facility that will replace the existing Canada Games Pool and Centennial Community Centre, one seeking council’s endorsement for an application to the Canada Infrastructure Program – British Columbia and a commitment from the city to spend at least $39 million on the project. The second report related to the city’s plan to borrow funds for the project, which requires council support for a loan authorization bylaw and a temporary borrowing bylaw.
A staff report states the grant program is allowing municipalities to submit one application and will fund up to 73.33 per cent of the eligible project costs (40 per cent from the federal government and 33.33 per cent from the provincial government), but the municipality must commit to funding the remaining 26.67 per cent. Because of the “magnitude” of the local project and the amount of money that senior governments will make available in British Columbia, staff said the city may need to contribute more than 26.67 per cent of the project costs.
“It is recommended that the city ask for the maximum funding of 73.33 per cent, or of the total estimated eligible project cost for the project that incorporates the augmented competition-hosting components, which would require that the city commit 26.67 per cent of eligible costs towards the project,” said a staff report. “This totals approximately $39 million.”
Last summer, city council directed staff to pursue two design options for the facility – one that includes eight lanes, a lazy river and other components, as well as an “enhanced design option” that includes 10 lanes so the facility could host major provincial- and national-level swimming events. Council agreed to support the enhanced option if it was successful in obtaining a “significant” grant for the project.
According to a staff report, it’s currently estimated it will cost $103 million to build the New Westminster Aquatics and Community Centre, with the enhanced design option costing about $114 million. The city expects to fund about $20.4 million from reserves, with the remaining coming from debt – thus the need for loan authorization and temporary borrowing bylaws.
The city anticipates senior governments to make announcements about successful applications to the federal/provincial Investing in Canada Infrastructure program in the fall of 2019.
Once the loan authorization bylaw is approved, the city would be able to borrow up to $93.6 million for the new facility. This doesn’t commit to borrowing all of this money, but ensures it’s available if needed.
