Mark it down residents of Bonnyville, following a decision made at last week's Town Council meeting, the local municipality will be moving forward with the redevelopment of 51 Ave. in 2015, whether it receives funding from the provincial government or not.
Following months of back and forth debate regarding whether or not the town would receive Building Canada funds to help subsidize the project, council accepted administration's recommendation to move forward with the near $5.7 million redevelopment this year.
“It may be prudent for the Town to consider doing the entire project in 2015, as all indications are that contractors are looking for work and we may be able to take advantage of lower prices given the current competitive market,” Town CAO Mark Power stated in a package submitted to council.
The project will include underground and road development carried out on a large stretch of 51 Ave. from 46 Street to 50 Street.
While the Town hopes the project will be covered by the money they set aside in the 2015 capital budget, they may be forced to “explore other avenues” should either the provincial or federal government renege on their Building Canada fund commitments.
“There are a number of alternatives open to the Town, which could involve scaling the project back, reducing other projects (some of the overlay area and/or the north service road project), long or short-term borrowing, funding from reserves or using future years capital, which would be the equivalent of a short-term deficit in capital,” Power noted.
Council did not like the idea of taking money away from other projects included in the coming year's capital budget and instead indicated to administration they would be willing to take on additional debt to complete the work.
“If we can get the project done at a reasonable rate this year, then we're better off borrowing the money (and getting it done),” said Coun. Rene Van Brabant.
Coun. Jim Cheverie said he too would like to see the project move forward in 2015.
“Interest rates are as close to rock bottom as they are going to get, so now is the time to borrow money and get this project done,” Cheverie said. “We cannot count on the province or feds to come through for us (in helping fund this project). It's time to get this thing done. We skipped on it last summer, we should not skip on it again this year.”
Power and the Town's Director of Public Works Lyndon Lay said they would move forward with putting the project up for tender. The issue will then be brought back before council later this year.
