The price tag attached to the new aquatic centre and curling club has dropped from $54 million to $45 million, but many councillors remain wary about the cost of the facility.
Town of Cochrane administration presented the new schematic design to council Jan. 27, which revealed a reduction in overall space of approximately 4,600 square feet, resulting in the lower estimated cost.
Several councillors voiced their excitement for the project, but also their apprehension over how to pay for the new facility.
Councillor Morgan Nagel said he was not comfortable with the $45 million price tag, and questioned how, with the town providing $21.1 million toward the project, the remainder of the funds would be raised.
Nagel pointed out that he believed a maximum of $6 million could be garnered from the government’s Building Canada grant ($3 million federal, $3 million provincial), and projections estimated that $9 million could be fundraised in Cochrane, totaling a best-case scenario of $15 million and leaving the town $9 million short of reaching $45 million.
Nagel also said that projects like the aquatic centre are not necessities for Cochrane, unlike a new RCMP station, which he said is a more urgent need, and because of the cost of the aquatic centre, would have to be financed through debt.
“It scares me,” said councillor Tara McFadden of the cost of the aquatic and curling facility.
McFadden, along with all councillors, with the exception of Nagel, supported the project moving forward, though said she would like to see the funding model in a more clear fashion.
“It’s important that we take the lead on this,” said Mayor Ivan Brooker. “We want the community to buy into this.”
Fundraising for the project is set to speed forward this spring, and in March, council will be presented with an overall funding plan and design.
Councillor Jeff Toews was pleased with the new design saving $9 million, saying the effort ‘does not come easy.’
Toews said he would like to see the new building be self-sustainable, be high quality with full cost recovery in place within its first five to six years.
“This is a very open-minded, fiscally-responsible council,” said Toews, “and we’re open to suggestions.”
Changes to the facility’s design include a reduction in second floor tenant space, storage under the aquatic bleachers and deck space. The curling area saw an increase in size of 6,350 square feet to make it a multi-sport surface – curling, hockey and turf field in the summer.
Reduced by around 6,980 square feet, tenant space on the second floor still encompasses approximately 16,000 square feet – 12,540 being tenant opportunities and 3,460 in new fitness space.
The project breaks down to being $35 million for the aquatic centre and $10 million for curling.
The town is expected to have a good idea of where the project stands financially by the end of 2014.
