July 01, 2015 - 7:30 PM
KELOWNA - The city has signed on the dotted line, borrowing $57 million to fund the construction of the RCMP police service building and the construction and expansion of the Memorial and Library Parkades.
Construction of the 100,000-square-foot police services building by contractor Bird Design-Build has yet to break ground on the site at Clement and Richter. Cost of initial construction is estimated at $39 million and the building is due for completion in 2017.
Building has yet to begin on the $19-million Memorial Parkade, slated for construction on a site beside Memorial Arena. The 6.5-storey building will provide 566 parking stalls and is scheduled to open next year.
Preliminary utility work has been completed on the Library Parkade extension but it still awaits primary construction.
Kelowna will borrow the money on a 30-year term through the Central Okanagan Regional District from the Municipal Finance Authority as stipulated under B.C.’s community charter. City council voted to borrow the money in April but also requires a municipal loan authorization from the regional district.
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News from © InfoTel News Ltd, 2015