When the Town of Arnprior first made the decision to proceed with Nick Smith Centre renovations, the project was to be paid for entirely on the local dime- although the prospect of grant money was in the back of municipal minds.
The Nick Smith Centre Arena slab replacement and mezzanine work is projected to cost $7,044,132 of which $4,000,000 was to be funded through debt financing.
Community Sport and Recreation Infrastructure Fund to the rescue!
On October 14th Arnprior Council voted to receive a 1 million dollar grant from the CSRIF for the rink renos and NSC upgrades, leaving 3 million dollars to be borrowed toward the local share.
Treasurer Jennifer Morawiec feels the Town will have greater repayment flexibility by borrowing from the Royal Bank rather than through a Provincial Agency.
The total cost to be paid back to the bank over the full 10-year amortization period is: $3,573,602.40 at current rates.
At 3.58% interest, Arnprior’s fixed-term four year payments will be $357,360.24 for the initial time-frame of the loan.
By Rick Stow