TOs Mayor and Council April 3rd,

FROM: L.D. Pollock
City Administrator

Re: “Senior Citizen Centre Addition

Alderman Laking has asked me to circulate the attached summary
that was done by the Treasurer in connection with the financing costs of
the proposed Senior Citizens' Addition. ,

Based on a cost of $220,000. and anticipating certain recoveries
from the Provincial Recreation Facilities Fund, we could expect a Net
cost of about $160,000. If this is financed through Short-Term Capital
Borrowing over a period of five years, the annual repayments will be
approximately $40,000. per year.

The Treasurer has noted that 1978 is the final year for répayments
of loans for the land purchase programme and extension to the Works Yard.
Our debt financing charges will therefore be reduced in 1979 by $61,000.
and this is more than enough to offset the $40,000. required for repayment
of the Senior Citizens Centre. . :

ge

L.D. Pollock