COCHRANE— Funding for the $23 million Cochrane Protective Services building is officially in the books for the Town of Cochrane, after a borrowing bylaw was given second and third reading by council Monday (March 23).
The $23 million needed to construct the building will be fully funded using debt taken on by the Town. The debt will be repaid through a combination of off-site levies, property taxes and tenant lease revenue.
The bylaw approves a 25-year term loan that is set to be requested in late 2022. The loan is based on a four per cent interest rate and a 25-year term was chosen to match the lease agreement with tenants.
While $23 million is a large amount of money to approve for a project, said Councillor Morgan Nagel, a new Protective Services Building has been a growing need in the community.
"It's pretty clear to me at this point it's mandatory we build a new station for our front-line service people," Nagel said.
The bylaw was given first reading at council's Feb. 8 meeting, and no comments or petitions regarding the project have been received from the public since that time.
Mayor Jeff Genung said a new Protective Services building has been in the works for the Town for several years, describing the project as "overdue."
"This is not a new project. This has been on our radar for a long time," Genung said. "It's not coming out left field today ... We've known about it for quite some time."
The new Protective Services building was included in the Town of Cochrane's Budget and construction is scheduled to begin in April 2021. The building is expected to be completed in spring 2023.
The need for a new facility was identified by Town administration as an obligation under The Municipal Police Service Agreement. The document requires municipalities to provide police members with accommodations.
The current RCMP detachment facility is federally owned and the building is well beyond its functional life and capacity. No update has been provided to the Town on the future of the current Protective Services facility.
The new building will be built on a 4.66-acre parcel in Heartland located off of the intersection of Highway 1A and Horse Creek Road. It will serve as a home for the RCMP, Cochrane Municipal Enforcement, Victim Services and Citizens on patrol.
"I'm glad to see that we're at this point with this project," said Coun. Tara McFadden. "The RCMP building is well past-due."
