On Saturday, September 24 a referendum will be held asking residents of Princeton and Area H for approval to borrow 6 million dollars to build an Aquatic Centre in Princeton. If the referendum passes, it will mean that annual property taxes will go up by $287.00.
The tax increase will be a “parcel” tax which means that each property will pay the same amount regardless of the assessed value of the property. Only properties with improvements on them will be taxed. Vacant lots will not be subject to the parcel tax. However, if someone owns more than one lot with a house on it, they will have to pay for each lot.
The proposed Aquatic Centre will be built adjacent to the Riverside Community Centre and will cost over $9 million to build. The estimated building costs are as follows:
construction $ 6,430,100
site development $240,000
Engineering/soft costs, contingencies $1,668,000
escalation to estimated start date $848,000
Total $ 9,332,000
It is hoped that federal grants, provincial grants and donations will raise $3 million. The remaining amount will be borrowed by the Town of Princeton and Area H. The loan will be amortized over 20 years with a projected annual rate of 4.25% for the first 5 years.
It’s important that your voice is heard in this important referendum. Information regarding polling stations will be made public at a later date. There will also be arrangements for advanced voting and a Mail in Ballot for all residents that meet certain criteria.
For more information please visit www.PrincetonAquaticCentre.com
If you have any questions please contact Brad Hope at RDOS or email email@example.com
~ Nienke Klaver