Teck Trail Operations will not provide additional financial support for the Silver City’s proposed library and museum facility.
Trail had approached Teck about entering a property tax agreement for the Riverfront Centre that would see the company provide a lump sum prepayment.
CAO David Perehudoff says the city hoped that would be considered because they believe this is an important project for the future of the community.
The Columbia Basin Trust has offered a $500,000 grant . That’s conditional on the electorate’s approval in a November 15th referendum on borrowing over $6 million for the facility. The city would pay that debt back with future Gas Tax credits.
Council also made it official Tuesday that following the CBT funding the average homeowner would now face a $38* a year tax increase if voters support the facility’s construction.
* We previously and erroneously reported homeowners would face a $76 a year tax increase. This is incorrect as Trail’s industrial tax base assumes half the tax increase.