The Morinville Leisure Centre project is $617,173 under budget and will finance $856,097 less than planned.
by Colin Smith
The Morinville Leisure Centre project is coming in under budget and with less money borrowed to pay for it than was approved.
Town Council received a quarterly financial update on the centre at its Nov. 26 regular meeting.
Cost of the overall project is forecast at $28,128,827 (excluding land acquisition costs), which is $617,173 under budget.
The construction and site servicing budget approved by Council totalled $28,800,000. To date, $27,603,540 has been spent – 96% of the total.
Although the MLC opened to the public in May, there are a number of outstanding items that will require spending a forecast $579,000 from now into spring 2020.
These items include storm pond landscaping, toboggan hill re-grading, top-soil and seeding, lighting from East Boundary Road to the MLC, and trail development and lighting, along with disbursing contractor holdbacks.
The overall budget forecast reflects these items.
Total borrowing on the project is expected to be $21,143,903, which is $856,097 less than the overall borrowing bylaw approval of $22,020,000.
The cost of the MLC is being funded by two 20-year debentures through the Alberta Capital Finance Authority. The first $11 million debenture was secured in September 2018 at a rate of 3.209% and the second $6 million at 2.930% in March of this year, both with semi-annual payments.
In addition, since April 2018 Morinville has been using a $6 million temporary line of credit from Servus Credit Union for interim financing. Repayment is tied to the completion of construction.
Then the Town will need to secure a third and final debenture for a forecast $4,143,903.
“I want to thank our team for its attention to detail particularly in the financing and borrowing only what we need when we need it,” said Mayor Barry Turner. “It looks like it’s proving to result in a reduction in the borrowing that’s required and that’s going to save some money in the long-term.”
At the meeting, Council was also presented with an update on MLC donations and sponsorship, as well as one on operations.
Donations to date include $500,000 from Sturgeon County and there have been $622,500 in additional sponsorships.
Pembina Pipeline Corporation is the sponsor of the Pembina Atrium, Landrex of the Landrex Arena, Atlas Premium Home Development has sponsored the Children’s Play Area and Clark Builders is a supporting sponsor of the facility.
MLC usage statistics showed that for the year to September 30 there were a total of 1,467 facility admissions, on the basis of drop-in, monthly and annual passes and registered programs.
Seventy per cent of those were Morinville residents, 14% from Sturgeon County, 6% other and 10% unknown.
Centre staff members have logged 160 incidents, the most frequent type being visitors expressing complaints and concerns – some 69. Other reported incidents include injury, 32; first aid, 20; hazard report, 17; missing/lost person, 5; theft/vandalism/property damage, 3; and 24 unspecified other.
“The information presented shows a very well-utilized facility,” Turner said. “It also demonstrates its value in the region,”
The council accepted the MLS update as information.
I would appreciate this report more if it detailed income and operating costs. Good news if under budget is maintained, and if the extra is not borrowed as “nice to do because we have room to borrow” Need to do is fine, for safety especially.
Handi Jen. 🤗
Then move the hockey scoreboard to the right spot at the end of one side. Ideal spot would be 1 at each end. Or 1 in the middle above.
Build a pool please
Maybe build a pool?
Ya build a pool
Under budget? Ofcourse…the gym barely fits 10 people and usually has a line to use the one rack that is available.
You mean they went from 2 ice rinks to 1 and they are under budget. I wonder why.
Chris Tremblay It was always planned to start with 1 rink. Not 2.
Build a pool please 😊
A pool right now would cause a huge tax increase to pay for it. Plus the town can’t borrow to pay for it.
This place is garbage! Hope my taxes don’t go up for a debacle like this. Give us a pool then maybe…
Matthew de Champlain they didn’t even put in a pool??? How can you call that a leisure center…isn’t that just a gym then lol
Geoff Davidson lol it’s a disgrace honestly.
Matthew de Champlain that’s shitty to hear…sound like the centre in Lac La Biche
Geoff Davidson we were hoping to not have to have the kids swimming lessons in St. Albert anymore. It’s very disappointing how this one turned out.
Matthew de Champlain I can only imagine
It must be tough living with that brain.
How’s about some of your read the article?