By Nikki Jamieson
Sunny South News
Two borrowing bylaws pertaining to land acquisition and the Civic Square projects have been passed.
During their regular Oct. 10 meeting, Coaldale town council reviewed two proposed borrowing bylaws.
The first bylaw, Borrowing Bylaw 876-B-09-23, Economic Development – Land Acquisition, aims to facilitate various land purchases in the Town of Coaldale to facilitate future economic development.
According to the bylaw, the total cost of the land acquisition is estimated to be $1.2 million, which would be obtained through debenture funding. The first reading of the bylaw took place during council’s Sept. 11 meeting.
Council unanimously passed second and third and final reading of the Borrowing Bylaw 876-B-09-23.
The second bylaw, Borrowing Bylaw 877-B-09-23, Outdoor Civic Square Project, aims to allow the town to obtain $595,000 in debenture funding for the construction of the Outdoor Civic Square Project. First reading of the bylaw took place during council’s regular Sept. 11 meeting.
Coun. Jacen Abrey spoke against the bylaw.
“It’s not the project that I’m against, it’s the cost of the project,” said Abrey, adding that he will be voting against the bylaw.
According to the bylaw, the total cost of the Outdoor Civic Square project is estimated at $4,484,000. Of that cost, $2,984,805 is being funded through grants, $629,195 from operational revenues and $275,000 from reserves. The remaining $595,000 would need to be borrowed.
Council passed second and third and final readings of Borrowing Bylaw 877-B-09-23 in separate split 4-3 votes, with coun.(s) Jason Beekman, Dale Pickering and Abrey voting against each reading of the bylaw.