Revelstoke city council has proposed funding the arena roof replacement with borrowed money. (Google maps photo)

Revelstoke city council has proposed funding the arena roof replacement with borrowed money. (Google maps photo)

Revelstoke City Council proposes borrowing money to fund new arena roof

They applied for a grant but haven’t heard back yet

Revelstoke city council has proposed funding the replacement of the arena roof with borrowed money.

There were several proposals discussed during the ongoing 2020 budget deliberations, however, council voted to move forward with borrowing $7 million for the project.

The arena roof replacement is now part of the draft budget.

But despite the vote, it isn’t yet a done deal.

Because of the large price tag, the community will have a say in the process, either through a referendum or the collection of signatures.

If the community agrees that borrowing money is the best option, the city would have a debt repayment of approximately $344,000 a year beginning in 2022 and continuing to 2051, said Tania McCabe, director of finance for the city, in a report to council.

There is also the potential of an estimated $20,000 in lost revenue while the arena is closed.

If approved, it’s likely the project wouldn’t happen until 2021 or 2022 with the planning and tender process.

Laurie Donato, director of parks, recreation and culture for the city, said she couldn’t assure council the roof will hold up until then, but she added city staff are doing their due diligence by managing snow and getting a yearly inspection.

“As long as we have a plan to move forward with the replacement, that is the best that we can do,” she said at a special council meeting earlier this month.

Council also considered a $2.7 million short-term fix for the roof, however, it would only last three to five years.

At the moment, the city pays $20,000 each time snow needs to be removed from the arena roof.

Last year, the city applied for a federal grant to help fund the project, but no word has been received yet on the status of that grant application.

READ MORE:UPDATE: Revelstoke city council approves arena roof grant application


 

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