Merritt approves loan to cover fire hall expansion

Merritt City Council has approved a motion to borrow approximately $2.2 million from the Municipal Finance Authority of BC.

The borrowing will take place over a 20-year term and cover the cost of the nearly completed fire hall expansion project.

“This loan authorization Bylaw allowed the City to borrow a sum not to exceed $2,209,000 over a term not to exceed twenty-five (25) years, in order to expand the fire hall, with the debt servicing costs to be covered through taxation,” said Director of Finance Wayne Anderson.

“The Fire Hall Expansion is nearing completion with occupancy expected in the spring. The City has been self-financing the construction to date using surplus funds,” added Anderson.

Anderson stated that the current ten-year rate is about 1.46%.

Speaking with Q101 earlier this month, Fire Chief Dave Tomkinson stated that the department expects to take occupancy of the expansion in late March.

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