NEWS |
THE OBSERVER | Saturday, October 03, 2009
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Elmira Truck Wash puts on some weight.....................................................»16 Kings win highscoring affair
»23 VOLUME 14, ISSUE 39
SATURDAY, OCTOBER 03, 2009
www.ObserverXtra.com
FOR THE CAUSE Thomas Kraemer, Alan Zhou and Octavia Allison, students from mrs. russell’s grade 4 class, marched laps around elmira’s St. Teresa School Sept. 25 in their personally-designed “Hope” T-shirts in support of cancer PHOTO | KATie eDmOnDS research at the school’s annual Terry Fox run.
Woolwich to borrow $3.72 million for new buildings Debenture amounts to about 10% of the cost of slate of new facilities, including WMC, fire station STEVE KANNON Most of the new facilities are open. Now it’s time for Woolwich to get the last of the financing lined up for its recent building boom. To that end, township council agreed this week to borrow $3.72 million to cover the outstanding balance on some $35 million in capital projects.
The money will be debentured through the Region of Waterloo, as provincial legislation restricts lower-tier municipalities from taking on long-term debt directly. The loan is likely to come from an Infrastructure Ontario program offering a 25-year term at about five per cent interest, said township treasurer Richard Petherick. Woolwich has been debt-free
since the beginning of the decade. In a report presented to councillors Tuesday, he indicated $2.6 million of the total is related to the recently opened Woolwich Memorial Centre in Elmira. The new administration building requires $876,000, while remaining costs for the Floradale fire hall amount to $247,000. The total of $3.72 million to
be debentured is up slightly from the $3.28 million forecast in 2007. Given that the borrowing comes to about 10 per cent of the total spent – other projects include new community centres in Maryhill and Breslau, an addition to the arena in St. Jacobs and improvements to the Elmira Public Library – the township’s finances are in good shape, Petherick noted.
The relatively low debenture is even more noteworthy in light of the large increases between the original budget numbers for every project and the actual costs. What would become the WMC, for instance, started out at $12 million, but that total grew with the scale of the project, eventually finishing at just shy of $23 million. See LOAN page »02
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