Up front: Christmas is kicking and the goose is looking good On stage: Kaatza Players pledging Scrooge of a different sort
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Peter W. Rusland
The wonders of the cosmos provided the backdrop during Sunday’s exquisite Cowichan Theatre performance of the Tafelmusik Baroque Orchestra. For a review of the show see page 18. offer residents given current borrowing rates — Peter W. Rusland 3.75% through the Municipal Finance Authority,” News Leader Pictorial Ellis said. “Over 20 years, you’d save up 56% of the projeplacing the aging Island Savings ect costs by saving the money in advance rather Centre is really a save-now-or-paythan borrowing and paying the debt.” later proposition. This year the CVRD started billing centre The 34-year-old ISC has about taxpayers an extra $4 per $100,000 of assessed another 16 years of life left, and an property value toward the capital reserve kitty. insured replacement value of about $61 million. The region’s proposed sustainability plan would Of¿cials are a long way away from deciding see $4 more added in each of the next eight years, whether renovation or replacement is the correct The question: Do you want to start saving now for eventual renovation hitting $29.69 in year eight, then stop. path, or what that project should consist of, but “It may be adjusted year to year, depending on or replacement of $61-million, 34-year-old facility? they are assuming folks value the centre enough what the target is,” said Ellis. to keep it. “That target sum depends on what the comtoward tax hikes of some kind next year. ing the $61 million now in a long-term capital What they want to know now is whether taxmunity wants: 100% or a part of replacement The third and ¿nal open house happens Dec. 6 reserve. payers want to start saving immediately, or wait or renovations. We went with the $61 million in Cowichan Station’s Hub at 6:30 p.m. He ¿gures taxpayers in Duncan, North and borrow the whole amount later. insured value as the target that’s impacted by Based on the $61 million replacement ¿ gure, Cowichan’s south end (south of Herd Road), CoThat’s a complex situation given future inÀaJacob Ellis, Cowichan Valley Regional District’s wichan Bay, and Cowichan Station/Sahtlam/Gle- assessment growth, inÀation, interest rates, and tion, interest rates, construction costs, and much other factors.” corporate planning manager, explained it would nora — current centre funding partners — could more. Still, the centre is good bang for the taxpayer cost about $86.7 million to wait then borrow and gain the $61 million by saving just $38.3 million, So regional leaders and staff are holding a series buck, explained some regional bigwigs. then reaping interest returns on that pot. of open houses to explain tax options about main- pay interest on a 20-year loan. more on page 5 On the other hand, taxpayers can start sav“That’s the most signi¿cant cost saving you can taining and/or rebuilding the centre, with an eye
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Island Savings Centre replacement looms large
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