Discussions

This proposal was copied of the Town of Rivers Website - there will be a public meeting in Rivers on March 22 at 7:15pm at the Legion for any rate payers that woul dlike to speak out for or against the new proposed tax levy and fpr those that want more information.  
 
Schedule “B” to By-Law No. 2 of 2010  
 
TOWN OF RIVERS  
 
Local Improvement Plan No. 2010-01  
For  
Construction of Riverdale Community Recreation Complex  
(Pursuant to Subsection 315 of the Municipal Act)  
 
 
A. Description of Proposed Local Improvement  
 
The Town of Rivers intends to provide recreational and healthy lifestyle opportunities  
for present and future generations.  
 
The Construction of the Riverdale Community Recreation Complex will consist of  
approximately 62,000 sq. ft. and will include the following:  
 
 
Main Floor Plan:NHL size Hockey Arena, Curling Rink (4 sheets) and  
Fitness Centre  
Second Floor Plan: Hall, Kitchen/Canteen  
Lounge/Smart Room  
 
 
The Riverdale Community Recreation Complex will be located at 101 Main Street,  
at the corner of Highway #25 and Main Street.  
 
B. Local Improvement District To Be Levied  
 
The Local Improvement District to be levied under this proposal will be all taxable,  
grant-in-lieu and otherwise exempt properties in the Town of Rivers, including  
Classification 52, Railway Companies.  
 
C. Potential Taxpayers:  
 
Potential Taxpayers will be owners of all taxable, grant-in-lieu and otherwise exempt  
properties as described on Schedule “C” attached hereto.  
 
D. Method and Rate to Calculate Local Improvement Tax  
 
The Method will be based on an amount for each parcel of land. The rate will be:  
Cash Option (lump sum) $3,150.00  
or  
Finance Option $345.00/year for 15 years  
 
Pursuant to Section 325 of The Municipal Act, taxpayers will be allowed to prepay  
their portion of the Local Improvement tax after the completion of the project and  
by a date set by council.  
 
 
E. Estimated Costs of Local Improvement  
 
The proposed Local Improvement has an estimated cost of $6,500,000.00.  
 
F. Funding Sources  
 
The Town of Rivers proposes to pay for the project as follows:  
 
1. Western Economic Diversification Grant ............ $ 800,000.00  
2. Province of Manitoba Grant................................. $ 800,000.00  
3. Community Places (Culture/Heritage) Grant.......... $ 50,000.00  
4. R.M. of Daly (Contribution) .................................$ 750,000.00  
5. Withdrawal from Town’s Arena Reserve Fund.... $ 295,000.00  
6. Fundraising (to date).............................................. $ 333,000.00  
7. Donations/Fundraising proposed......................... $1,472,000.00  
8. Balance of proposed costs.................................... $2,000,000.00  
 
...................................................................................$6,500,000.00  
 
 
G. Particulars of Borrowing  
 
Amount:.................... $2,000,000.00  
Rate:..................................... 7.000%  
Term: ...................................15 years  
Annual Payment............ $218,789.11  
 
The cost to ratepayers would be levied per parcel of land for a period of fifteen  
(15) years.  
 
The aforementioned Local Improvement Plan will be set out in the Financial  
Plan for the year 2010.  
 
H. Operation and Maintenance of Local Improvement  
 
Annual operation and maintenance of the Local Improvement will be funded by the Town’s General Operating Fund.  
 
Prepared By  
Dennis Higginson, C.M.M.A., U.M.A.  
Chief Administrative Officer  
Town of Rivers