We care about Small Business Show your support for Victoria entrepreneurs
Page B13
NEWS: Cat returns with embedded arrow /A3 ARTS: William Head brings The Hobbit /A14 SPORTS: Rebel rushes into record books /A17
GOLDSTREAM Friday, October 12, 2012
Ready to sell? We can help
NEWS GAZETTE
Deborah Coburn 250.812.5333 Roy Coburn 250.812.1989
Breaking news at GOLDSTREAMGAZETTE.COM
View Royal sets terms Interest rate an estimate, but term of loan decided Kyle Wells News staff
Kyle Wells/News staff
Brush battle View Royal volunteer firefighter Kent McLeod helps to put out a brush fire that flared up beside the Galloping Goose Trail near Stancil Lane last Friday. Dry conditions continue to keep high fire risk. See story page A3. *
FALL IN O SAVINGS T 8.3MM
Laminate Flooring Composed predominantly of natural wood. Available in Spalted or Roasted patterns.
98
t! sor Even d n i W at
Windsor Plywood’s
FALL INTO SAVINGS
View Royal residents will go to referendum Nov. 24 and now they’ll know the terms of the loan for a proposed new fire hall. Of four options brought forward by municipal staff at a recent meeting, council followed staff’s recommendation to seek a 20 year loan at an estimated interest rate of 3.5 per cent. That rate is based on current interest rates, which could change by spring 2013, when the town would actually take out the loan. A loan of $5,490,000 is projected to cost $3,843,000 in interest over the 20 years. Of that $1.8 million will be repaid through actuarial funds generated by investments made by the Municipal Finance Authority of B.C., the agency issuing the loan, estimated to be at a rate of four per cent. The total amount to be paid back by the town is estimated to be $7,530,276. Annual payments of Graham Hill the loan would amount to $376,514. Of that, $27,000 would come from non-residents, namely First Nations communities, with the rest to be paid by View Royal residents. For an average single-family residence this would amount to a property tax increase of $85 per year, or $7 per month, for a 6.7 per cent increase to taxation. The cost to businesses would be an estimated average $648 per year. Borrowing money through the Municipal Finance Authority means lower interest rates for the town, Mayor Graham Hill said. Should council have chosen a 25-year loan it would have cost the town an estimated additional $569,116 in interest. PLEASE SEE: Procedure bylaw to be reviewed, Page A2
Open Late Thurs. & Fri. ‘Til 7 PM
ENTER 00 $ 2500 TO WIN! ! w a r ¢ D STORE CREDIT! AND YOU COULD WIN A...
NO PURCHASE NECESSARY
SQ FT
You could win a Windsor Plywood Store Credit valued at $2500.00. One lucky winner can tailor the prize package to suit their needs by choosing from Windsor’s huge inventory of doors, flooring, mouldings, lumber, panelling, hardware and so much more! See in store for details.
• MON-TUES-WED 8 AM - 5:30 PM • THURS-FRI 8 AM - 7:00 PM • SAT 9 AM - 5:30 PM • SUN - FAMILY DAY | 100% LOCALLY OWNED AND OPERATED • EASY ACCESS • LOTS OF PARKING • DELIVERY
Windsor Wi W d Plywood P 888 Van Isle Way 250-474-6111
windsorplywoodvanisle@shaw.ca
Locally Owned & Operated