The City of Kamloops has agreed to begin the alternative approval process (AAP) to move forward with the Build Kamloops program.
A news release says the city has received the necessary certificates for the loan authorization for the Kamloops Centre for the Arts and “arena, multiplex and recreation initiatives.”
The decision was made during Tuesday’s regular council meeting.
According to the public notice, the estimated cost of the Centre for the Arts is $154 million.
“The loan agreement with the Municipal Finance Authority will be for a term no longer than 30 years,” the city’s public notice explains.
“The total amount of debt intended to be borrowed by the Bylaw is $140,000,000, which would result in a twenty-five dollar $25 annual tax increase per household over five years.”
Meanwhile, the cost of the multiplex arena would be $140 million and future Build Kamloops recreation initiatives would be $10 million.
That loan agreement would also be no longer than 30 years and the debt would be $135 million, which would result in another $25 annual tax increase per household for five years.
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The AAP is an alternative to a referendum.
Referendums tend to cost taxpayers more money and can take a lot longer.
In order to defeat the borrowing, 10% of electors or 8,713 people would have needed to vote in opposition through the Alternative Approval Process (AAP).
If 10% of electors show their opposition, the city cannot move forward with the borrowing.
Electors will have “no less than 30 days between a required second notice and the process closing date” to submit their opposition forms.
If an elector supports the borrowing, they don’t have to do anything.
A news release says the alternative approval process will open on July 30, 2024, and close on September 13, 2024.
Elector response forms will be available at city hall during regular business hours, which are 8 am to 4 pm, Monday to Friday, excluding statutory holidays.
More information, including the digital copies of the elector opposition forms, can be found here.
