A poorly attended information meeting was held this evening at the Lester Centre.
This bylaw will give the City of Prince Rupert the go ahead to borrow $7,000,000.00 from the Municipal Finance Authority to lend to the Airport Authority in order to proceed with much needed major upgrades to our airport.
The reason for this, is the City of Prince Rupert can access these funds at a much lower rate than the Airport Authority could negotiate on the open market.
The maximum term under the Municipal Finance Authority is 30 years. The Airport Authority arrived at a 20 year loan repayment schedule, which they feel the loan could be paid off earlier.
The net cost to taxpayer would be nothing as the loan would be covered by user fees levied to all travellers.
Some concerns raised are the maintenance and upkeep of the new terminal, as the old terminal has been poorly maintained over the years.
It is important to note that the road leading to the airport was paved in the late 1970s.(except for patch work.)
The question which also arises is, will the dock be improved to handle heavier commercial traffic, and will there be a ferry upgrade?
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