Workers pave the intersection of Mackenzie Avenue and Second Street after ripping up faulty bricks they had just installed during the Grizzly Plaza extension project in 2009.

Final cost of Grizzly Plaza extension project revealed

Some housekeeping in the finance department has revealed the final cost of the 2009 Grizzly Plaza extension project.

Some housekeeping in the finance department has revealed the final cost of the 2009 Grizzly Plaza extension project.

A May 25 report from finance director Graham Inglis pegs the total cost to extend the Mackenzie Avenue plaza from First Street to Third Street with new planters, sidewalks and bricks at $1,030,000. The final cost is below the original estimate of $1,328,485.

Inglis’ May 25 report relates to converting temporary borrowing for the project into a long-term loan with the Municipal Finance Authority of B.C., or the MFA. The MFA is a provincially-regulated authority that provides lending to regional districts and municipalities.

In 2009, the city passed a bylaw that authorized them to borrow $600,000 temporarily for the project. The report from Inglis contains a recommendation to borrow $445,000 from the MFA. “It will be noted that the amount needed to be borrowed is less than the amount budgeted by $155,000,” states the staff report. “This will amount to annual savings of about $12,500 in principal and interest payments.”

The Grizzly Plaza extension received final approval in 2007, but had been planned and discussed for many years before that. The construction project began in 2009 and caused much controversy when it ran approximately six-weeks over schedule. Shopkeepers on Mackenzie Avenue complained of lost business during the peak summer season and criticized city hall for poor communication on the project. A batch of faulty bricks added insult to injury for city hall; the bricks at the intersections were crumbly and had to be ripped up, temporarily paved over then replaced later with new ones.

The total cost for the project was estimated at $1,328,485, of which $1,050,000 was for surface works not related to the community energy project extension. New pipes that extended the reach of the city-owned Community Energy System were installed under the street at the same time the beautification and enhancement project was done.

$500,000 was raised through outside funding sources, and the city opted to borrow $600,000 temporarily to move forward with the project. The temporary borrowing was deemed necessary; time was of the essence since some of the funding received by the city stipulated a construction start date in the spring of 2009.

That borrowing was subject to a counter-petition in the beginning of 2009. A total of 359 electors voted to oppose the borrowing, which was short of the necessary 374 votes (or 10 per cent of electors) needed to block to borrowing.

However, the city could have moved forward with the project by seeking an alternate form of funding.

Council will discuss the plan to convert the borrowing to long-term debt at their June 14 meeting.


Just Posted

Temporary Cold Weather Shelter in the works for Revelstoke

The Women’s Shelter Society, BC Housing and the city are working on making it happen

Black bear kills donkey in Revelstoke, put down by RCMP

Conservation Officer says once they attack livestock they are a danger to the public

Alberta woman dies in motorcycle accident in Revelstoke

RCMP say an SUV turned left in front of the motorcycle

High 30 for Revelstoke today

Roads and weather conditions

Balu Pass closed in Glacier National Park

The National Park is east of Revelstoke on Highway 1

VIDEO: Could we BE any more excited? ‘Friends’ fans go crazy for merch

Movie theatres will show select episodes to mark the NBC series’ 25th anniversary

Penticton man sentenced in non-fatal 2017 shooting

Elkena Michael Knauff sentenced to seven and a half months in jail

Bodies of two missing Surrey men found near Ashcroft

Ryan Provencher and Richard Scurr have been missing since July 17

Kamloops RCMP locate and arrest man who fled from police

The 22-year-old male was wanted in relation to a domestic violence investigation

Five hedgehogs quickly adopted after being left at BC SPCA

Lucky new owners picked up their pets from Maple Ridge branch on Aug. 20

COLUMN: Much to enjoy at Ryga Arts Festival

As I learn about George Ryga and his contributions, it is clear why this festival carries his name

Okanagan RCMP superintendent helps with arrest

Vernon Supt. Shawna Baher arrests man for theft; turns out to be suspect in assault and robbery

Kelowna man arrested after allegedly setting blaze near Fire Department

The man was allegedly seen lighting bushes on fire near the Kelowna Fire Department

Most Read