Pyramid Recreation Centre Cost To Taxpayers

At the August 22, 2005 council meeting the St Marys Association for Responsible Town Government presented following estimates for the Pyramid Recreation Centre

$ 1.4 million each year
of added expenditure to the ratepayers, made up of:

$ 1,000,000 per year net capital cost
- the capital cost will be about $ 1.2 million annually assuming a 5.5% interest rate and no cost overruns
- the Town will collect $ 200,000 per year in donations ($4 million in total donations over the 20 year term of the loan)

$ 400,000 per year operating deficit, based on the Goderich and Aylmer experience

$ 1.4 million represents a 20% tax increase as current tax revenues are about $ 6.9 million.