CBT offers $ .5 million for proposed Riverfront Centre

City of Trail
By City of Trail
September 29th, 2014

The City of Trail is very pleased to announce that Columbia Basin Trust has dedicated $500,000 in grant funding for the proposed Library/Heritage Centre (Riverfront Centre). The facility, estimated at $6.9 million, will be built on the land previously occupied by the Eagles’ building if Trail’s electors vote in favour of the Loan Authorization Bylaw at the upcoming election on November 15th.

“We are thrilled with the Trust’s support,” said Mayor Dieter Bogs. “The Steering Committee for this initiative has been working hard to educate the public with information with respect to the benefits of the facility and to the community. This should ensure electors make an informed decision at the polls. The funding from the Trust is greatly appreciated and will contribute to the overall construction of the proposed 9000sq/ft. building and will reduce the associated residential property taxes that coincide with the City issuing a debenture to fund the net cost.”

“If the referendum is successful, the Trust will be pleased to play a role in bringing this project to fruition,” said Neil Muth, Columbia Basin Trust President and CEO.

The Trail & District Public Library Board (TDPL) and the Trail Historical Society (THS) have also been working on acquiring additional grant funding and sponsorships for the project. Both associations feel a dire need for an improved integrated facility and hope to bring the original estimated cost down by $2 million. To date the THS has secured $20,000 from the Columbia Kootenay Cultural Alliance (CKCA) that will go towards heritage-based and historical components of the proposed Riverfront Centre. Both organizations will continue to source funding should the referendum pass.

Council will be meeting in the next few weeks to discuss the final property tax allocation and will revise property tax impacts with the funding now in hand. The grant will result in a reduction in total borrowing for the proposed facility and therefore the final estimated property tax impacts will need to be recalculated. This information will be provided to the public shortly.

Categories: GeneralPolitics