In response to a letter from Dan Cunin last week, “Borrowing $8 million for bridge was unwise,” I feel it necessary to point out some important facts that Dan failed to include in his letter:
The bridge project is the largest financial commitment the town has seen ever in its lifetime. According to the 10 Year Capital Strategy (updated May 1, 2017), the total cost of this project will be $53,500,000! Yes, folks, that is $53 million. This builds the bridge, and all the connecting roads to the bridge. It will be built in various stages and the $8 million in borrowing is only one of the many stages this project will have. The money will come from developer levies, reserve funds and various building grants given to our town from different levels of government. The direct funding of this project will not come from our town ratepayers, despite what Dan Cunin said. No this is not “free money” and there are interest charges, but if you talk to the finance folks that work for the town, they are happy to explain how this project will be funded, when it will be funded and even the phases it will see over time. Another point brought up by Dan was the present debt level the town has in place now – 52 per cent – and the estimated future level (with out future growth Development levies) of 81 per cent in 2024, not the 90 per cent quoted by Dan. I have always found the right people in our town administration to ask questions and to get honest answers every time.
There is no conspiracy here. I do agree with Dan that we do have real infrastructure issues in our town and we do need to address these issues.
Myles Chester
