The proposed “Mega Park” in Prince George would have a hefty price tag over 50 years of use.
At tonight’s (Monday) meeting, Prince George City Council was presented with a Life Cycle Cost Analysis for the proposed Mega Park.
The analysis makes the assumptions that:
- Annual inflation set to 5 per cent
- Possible revenue not included
- 50 years of ownership
- Six major features donated
- Park amenities closed during winter except for walkways
“The total cost of ownership for this proposed park requires $1.36 million annually to operate, maintain, and save up for eventual asset replacements,” said Asset Manager Kristy Bobbie.
“An additional $107,000 per year increase in parks operating budgets would be required, plus the five percent annual inflation, and this doesn’t include full-time, on-site staffing if that was required.”
City Director of Finance Kris Dalio noted that would be the equivalent of just over an approximate one per cent increase in taxes.
“Whenever we’re considering projects, be they mega projects or smaller projects, it is exciting, and it’s important we look into them,” said Councillor Garth Frizzell.
“But this sober second thought is what we also need to consider. There’s always a trade-off in government when we’re making decisions like this.”
Council voted to have the same report come back before council in quarter two of 2023.
“It gives us time to go through a strategic planning session as a group, and get our stuff together as a council before making large financial commitments moving forward,” said Councillor Kyle Sampson.
“This is a new council, we need to make sure that we have our strategic priorities in line, and that we have a plan on how we’re going to address significant capital investment going forward.”
Other items discussed at tonight’s meeting included a Civic Core Plan update, and a monthly building permit update for November.
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