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By Victor Kaisar

New AAP

Alternative approval process underway as City of Prince George seeks to borrow $11.4 million

Apr 6, 2025 | 12:20 PM

PRINCE GEORGE –The City of Prince George has kicked off the alternative approval process that seeks to borrow a little under $11.4 million for numerous initiatives.

The plan as outlined in three bylaws is to spend $5,489,000 to finance the purchase of equipment, $2.62 million for stormwater system renewals, and $3.26 million to replace the Civic Centre’s building automation system which controls the HVAC system.

City staff expect to pay back the equipment loan over 15 years, while the other two loans will have a 20 year repayment term. All told, annual debt servicing costs are expected to be just under $1.1 million a year.

The City says estimated annual debt servicing costs for the Equipment Financing Bylaw is $604,430, which would result in a 0.40 per cent tax increase

It notes Stormwater System Renewal Loan Authorization Bylaw has an annual debt servicing cost of $211,070, which translates to a 0.14 per cent tax increase, while the Civic Centre BAS & Chiller Renewal Loan Authorization Bylaw has an annual debt servicing cost of $262,629, for a 0.18 per cent tax increase.

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“The timing of when these costs would impact the levy depends on when the work is completed, and the funds are borrowed,” a City of Prince George statement said.

‘”It is anticipated that these costs will impact tax levy beginning in 2026.”

If at least 10 per cent of eligible electors voice their opposition to either of the proposed borrowing bylaws, the City would be required to hold a referendum to seek that approval before the projects can be financed via Municipal Finance Authority (MFA) debt funding.

Residents will need to complete a separate form for each Bylaw they oppose. Forms can be picked up at Prince George City Hall or online here.

All forms have to be returned by 5:00 p.m. on Tuesday, May 20. While forms can be emailed or faxed to the City, it must include a hand written signature.

You can find more information about the alternative approval process here.