Once the City of Melfort borrows approximately $4.7 million to pay for the skate park, putting services into Spruce Haven and the Wellness Centre, the plan is to pay it back by 2030.
According to city officials, that money hasn’t been borrowed from the city’s capital trust fund yet – that will be done in 2018.
Currently, the city has almost $4 million borrowed from the fund, which is what it has remaining from the debt it incurred to build the Kerry Vickar Centre. That amount should be paid off by 2023.
The city has put $781,000 per year into servicing the debt.
All of the city’s debt is internal. If it so desires, the city could borrow up to $8 million from external sources like banks and credit unions.
