The Pyramid Centre's Impact on Other Projects
In the August 16, 2006 issue of the St Marys Journal Argus
St Marys Town Council wrote:
The Pyramid Recreation Centre project will not impact on Council's ability to move forward with other projects to our community.
Currently, we are negotiating with Perth South to acquire land necessary to help attract industry. Purchased land will be funded from reserves and then sold at market rates in parcels that best meet the needs of the individual industry. Land is a solid investment ans a valuable asset within the Town's financial portfolio. Council does not plan to raise taxes to achieve a boundary change and acquire industrial land.
Later this year, we will conclude the upgrades to our wells that were required out of the 2003 Walkerton legislation. Our well supply will be fully compliant with modern standards. The total cost of the project is $3.3M. Two-thirds of this cost
was paid by the Provincial and Federal governments through the OSTAR program. The Town's share of the project is $1.1M and will be fully paid out of water rates.
Andrew Atlin / John Munro's ratepayer group wrote in reply:
Frankly, Council has no idea whether they can afford to do any other infrastructure projects. They don’t know whether the recreation project will cost more than they estimated and they don’t know what the final interest rate will be on the loan.
If the interest rate on the complex and operating centre loans goes to 6.5% the Town is out of borrowing capacity. The level of Town debt per household after the project is finished will be double that of any other community in southern
Ontario we have looked at.
Note: St Marys debt was compared to Chatham, London, Guelph, Aylmer, Stratford, St Thomas and Brantford. The figures can be seen at www.freewebs.com/stmaryspyramid/ad.htm
St Marys Town Council wrote:
The Pyramid Recreation Centre project will not impact on Council's ability to move forward with other projects to our community.
Currently, we are negotiating with Perth South to acquire land necessary to help attract industry. Purchased land will be funded from reserves and then sold at market rates in parcels that best meet the needs of the individual industry. Land is a solid investment ans a valuable asset within the Town's financial portfolio. Council does not plan to raise taxes to achieve a boundary change and acquire industrial land.
Later this year, we will conclude the upgrades to our wells that were required out of the 2003 Walkerton legislation. Our well supply will be fully compliant with modern standards. The total cost of the project is $3.3M. Two-thirds of this cost
was paid by the Provincial and Federal governments through the OSTAR program. The Town's share of the project is $1.1M and will be fully paid out of water rates.
Andrew Atlin / John Munro's ratepayer group wrote in reply:
Frankly, Council has no idea whether they can afford to do any other infrastructure projects. They don’t know whether the recreation project will cost more than they estimated and they don’t know what the final interest rate will be on the loan.
If the interest rate on the complex and operating centre loans goes to 6.5% the Town is out of borrowing capacity. The level of Town debt per household after the project is finished will be double that of any other community in southern
Ontario we have looked at.
Note: St Marys debt was compared to Chatham, London, Guelph, Aylmer, Stratford, St Thomas and Brantford. The figures can be seen at www.freewebs.com/stmaryspyramid/ad.htm
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