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Capital Projects Page 2

of Works Yard maul Fire Hall # 1

As outlined above the replacement of these major facilities is estimated to cost $5.3
million. It is proposed that this cost be financed from our Tax Sale Reserve to be repaid
by the sale of the present sites. Sale of these sites is expected to produce $6 million.

Reeve Penk

Consultants are nearing completion of the drawings to allow tendering for the construction
of the park. The expected cost of construction is $3 million with the City paying $2
million and the Provincial Government through a Go B. C. grant paying $1 million. Our
grant application has been in for some time now and has reached the stage where it is
stalled until the City’s share of the funds are put into place, passage of the Tax Sale
Reserve bylaw would do this. Tendering and construction would not take place until
Provincial funding for 1/3 of the cost is received.

Funds taken from the Tax Sale Reserve would be repaid to the reserve over a 20 year
period costing $147,164 per year inclusive of interest.

Annual, operating costs of the improvements to Reeve Park are expected to cost $60,000
per year.

The annual costs outlined above will be funded from the City’s geueral tax revenues.

Hyde Creek Ceatxe

The proposal is to hire a consultant to develop a plan for expansion of Hyde Creek Centre.
The consultant would:

meet with the Parks and Recreation Committee and user groups to develop a
conceptual plan for Council consideration and approval.

take the approved conceptual plan through to production of drawings suitable for
tender and the preparation of tender documents.

Actual construction of the proposed improvements will be undertaken when sufficient
funds are available in our Tax Sale Reserve to fund the expansion in the same fashion as
the Reeve Park improvements mentioned above.