Thursday, October 2, 2008

Millennium Park: The Numbers



Millennium Park Purchase Price .......................................$1,500,000
Property Purchase Tax..........................................................$28,000
Survey and subdivision costs....................................................$8,000
Contingency (Riparian Area Report, etc).......................................$9,000
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Total.........................................................................$1,545,000

Less deposits (City $40,000, plus $75,000 from Millennium Park Fund)............................................................................$115,000
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Borrowing amount........................................................$1,430,000


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Borrowing details

· If the City were to borrow $1,430,000, the estimated payments (principal and interest) would be $113,703 annually.
· The current borrowing rate is 5.55% at September 30, 2008
· The borrowing period is 25 years

What will it cost me?

· The average house value in Powell River is estimated to be $236,000
· It will cost the average household only $12.75 annually

What happened to the donations?

· The Millennium Park Committee paid $75,000 from the Millennium Park Fund to the City as a down payment for the park. This has helped reduce the cost of the park to $1.43 million (see details under Millennium Park Purchase Price at top of this post)
· Some of the remainder will be used to campaign for a successful YES referendum, and to publicly recognize donors to the Millennium Park Fund

Vote YES for Millennium Park
at the November 15, 2008 civic election

2 comments:

Anonymous said...

Is it possible for the logging company to donate the logging licence to the Cat in the Hat foundation?
The foundation could then authorize your committe to manage the selective logging contract to the logging company that presently holds the licence.
THE BENFITS ARE:
The committee would be in control, not the logging company;
The profit from logging goes to the Cat in the Hat foundation;
The logging company gets a lump sum tax write-off when they donate the licence.
Local loggers get work.
The trees in the park are kept in good health to maximize their absorbtion of green-house gasses.

My idea, if possible appears to create a win-win situation.

Good luck with your project.


A supporter
Powell River

Eagle said...

Dear Anonymous,
We have tried this route some time in the past, but the company representative didn't think it could take advantage of a tax write-off due to the structural nature of the company. That said, that was some time ago we asked and it warrants asking again. Thank you for your comment and your support.
Cheers,

Eagle Walz