Greater Vernon Advisory Committee agrees to commit $1M for next stage of cultural centre

$1M for cultural centre

A $1 million commitment has been made by the Regional District of North Okanagan to the Greater Vernon Cultural Centre project.

The Greater Vernon Advisory Committee voted Wednesday to move forward with the next stage of design right away.

It’ll require a $1 million commitment from the RDNO, which is expected to come from a number of still-to-come grants and will be backstopped by reserves.

“Recognizing, as it’s stated, that the reserves are the backup to the sources actually mentioned in the motion,” said GVAC Chair Bob Fleming.

The next stage of design will include pre-construction costing, and geotechnical and environmental assessments.

Staff also informed the committee the project increases $167,000 for every month beyond its target construction dates.

“We anticipate we're going to incur additional costs because of inflation,” said RDNO staff. “If we move faster, we can hope to hold those tighter and perhaps see some of that reduced.”

The cultural centre is currently expected to cost $41.9 million. $28 million has been approved for borrowing, and the remaining $13.9 million is to come from a combination of senior-level government grants, foundation contributions, and community fundraising.

The RDNO itself has committed $900,000 for the project from its provincial grant under the Growing Communities Fund.

The RDNO and its fundraising partners aim to have the remainder of the required funding by July 2024.

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