The second part of the funding for Greater Vernon’s proposed cultural centre will get going next week.
A motion before the Greater Vernon Advisory Committee seeks approval to apply for a 12.8 million dollar grant from the federal government.
The funds would come from the Investing in Canada Infrastructure Fund, with the figure representing one-third of the total eligible expenses.
RDNO staff is also providing options to apply for the original target of $6 million from Ottawa, or seek the full contribution of $28.2 million, which is 73% of the total eligible project costs.
A referendum to borrow up to 25 million dollars was approved by voters Oct 20th by a margin of 59%.
Work on the facility won’t proceed until the other 15 million dollars needed for the project is secured.
The rest of the 40 million dollar cost would come from fundraising.
According to figures from the GVAC agenda, the building shell would cost $14.3 million, interior construction $10.6M, general equipment $600,000, site development $1.2M and FF and E (doesn’t explain what that is) and related costs are $2.6M.
Fees would amount to $3.3M, contingencies $5.7M, and the land purchase contingency is $1.5M for a total of $40 million.
The building is proposed for the former Coldstream Hotel site in downtown Vernon, currently a city-owned parking lot.