Detailed Costing Analysis

For planning purposes, the entire project cost of a new, larger aquatics facility is based on borrowing. Should the project be  approved, the City would actively seek all funding opportunities such as sponsorships, levies and grants from other orders of government to reduce borrowing and the tax burden to residents. Residential and non-residential tax assessment growth in future  years have also not been factored in, such as the recently announced Dow Chemical Canada expansion.

Below is a detailed breakdown of the full preliminary cost estimates of the proposed project. 

Preliminary Cost Estimate

(Based on a Class 5 estimate: +50%/-30%):

  • Capital Costs: Approximately $54 million to be paid over 30 years.

    • Debt repayment: Approximately $3.6 million annually with $1.5 million coming from residential taxes and $2.1 million from non-residential taxes.

  • Operating Costs: Approximately $3.7 million
  • Harbour Pool’s Current Operating Cost: $1.7 million
    • Additional funding would be $0.8 million from residential taxes and $1.2 million from non-residential taxes.

Estimated Property Tax Impact

  • Residential: $236 (based on an average home value of $412,925).
    • Capital Portion: $151
    • Operating Portion: $85
  • Non-residential: $1,039/year (based on a non-residential property value of $1,006,607)
    • Capital Portion: $664
    • Operating Portion: $375
  • This would be introduced over multiple years to coincide with debt repayment requirements.
  • The full property tax impact would coincide with the opening of the new facility (in about 4-5 years).

Additional Considerations

  • City Debt: Based on the City's Debt Management Policy the City has a self-imposed borrowing limit of $104.9 million, and currently has $23.3 million in debt.
  • Net Present Value: Using a present value calculation, the proposed pool has a total cost of $220.0 million. This is the total cost in today's dollars of the projected expenses including capital costs and net of revenues earned.

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