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How is this project financed? Who’s paying for it?Provincial Municipal Sustainability Initiative (MSI) Grants $24 millionRocky View County Contribution $2.2 millionFederal New Deal Grant $2 millionDeveloper Community Enhancement Fees $6.2 millionFundraising and Sponsorship $10.6 millionTOTAL $45 million
Short-term debt of $19 million is required so that the Town has the cash flow to cover in-progress costs as the funding will come in over many years. The debt is scheduled to be repaid within five years.
Based on 2013 figures, the MGA allows the Town to carry $60.6 million in debt. Based on Council’s 80% limit, the Town can only carry $48.4 million in debt.
The graph shows the combined projected debt total which includes the Town’s current amount, borrowing required for the new aquatic and curling/multi-sport centre, plus other major infrastructure projects such as the new police station and the new Bow River Bridge crossing. Graph showing projected debt