Wednesday, February 08, 2017

Event Centre Referendum Can Proceed


Province Approves Loan Authorization Bylaw For Event Centre

City can now set Mar 11 as the official non-election asset voting day

A key milestone enabling residents to cast their vote for or against borrowing money to build a proposed events centre at 1 Port Drive in downtown Nanaimo during a forthcoming non-election asset vote (referendum) was reached February 6, 2017 when the Inspector of Municipalities issued approval of the City's Loan Authorization (Nanaimo Events Centre Facility) Bylaw 7237.

The Bylaw, which received three readings of Council on January 25, 2017, outlined the funding model the City would implement to borrow a sum not exceeding $80,000,000, repayable over a period of no more than 20 years, for the development and construction of an events centre that will include an ice arena and other related entertainment, cultural and recreation facilities.

In accordance with section 174 of the Local Government Act, the City's Chief Election Officer can now proceed with officially setting March 11, 2017 as the date for the required referendum. Next steps in this process include finalizing the location of voting places, issuing the "Notice of Assent Voting" and distributing participation awareness information on the upcoming vote. In addition, applications to act as scrutineers for and against the question will now be sought.

The question residents will be asked to cast their vote on March 11 was approved by Council on January 25, 2017. The question is:

"Are you in favour of the City of Nanaimo Council adopting "Loan Authorization Bylaw 2017 No. 7237" which will authorize Council to borrow a sum not exceeding $80,000,000, repayable over a period of no more than 20 years, for the development and construction of an events centre that will include an ice arena and other related entertainment, cultural and recreation facilities?"

"Review of debt load, debt servicing plan and approval of the borrowing bylaw for the Events Centre by the Inspector of Municipalities are required additional steps in ensuring due diligence and provision of complete information to residents are met. We look forward to sharing and explaining the Events Centre financing plan in the up coming open houses." - Victor Mema City of Nanaimo

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