Powell River will be borrowing $10 million to fund the city’s new liquid waste treatment plant.
Council approved the decision at its Thursday meeting, which also included asking the qathet Regional District to consent to borrowing the money. The loan, which is coming from the Municipal Finance Authority, will be paid back over 30 years. The city has the option to borrow up to $27 million for the project.
Back in August, in was announced the federal government is investing $30,400,000 and British Columbia is investing $25,330,800 for a total of $55,730,800 in funding to build it. That money makes up roughly 73 per cent of the projected construction costs.