The Regional District of North Okanagan has approved an October referendum on borrowing $25 million so the Multi-Purpose Cultural Facility for Greater Vernon can move forward.
“Growing Greater Vernon’s cultural capacity allows us to be a community of choice for families, and the impact on jobs, tourism and spending in a vibrant downtown would be significant,” said chairperson Bob Fleming at the meeting held Wednesday. “The timing of construction has been carefully considered for taxpayers so that it dovetails with the completion of other major projects.”
As part of the approved funding strategy, the $25-million loan is timed to coincide with the $23.8 million borrowed for the construction for Kal Tire Place and the Vernon and District Performing Arts Centre coming off the books. The referendum, being held along with the October municipal election, gives voters a chance to have a say in borrowing a portion of the funds to build the cultural facility. The facility will provide improved space for the art gallery and museum, as well as flexible spaces that will be available to other community organizations struggling to find venues to host their programs and activities.
The heart of downtown Vernon has been chosen as the preferred site for the proposed Multi-Purpose Cultural Facility. After reviewing and analyzing numerous publicly owned sites in and around Vernon’s city centre, Vernon council supported a part of the Vernon Block, located in the 2900 block between 31st Avenue and 32nd Avenue, as the preferred site. The city has offered one-third of the property for the project at fair market value. The Vernon Block, which is currently used for parking, has been slated for future development for over a decade.
“A project of this size and scope can be a catalyst to encourage higher density mixed-use development, which is what we want to see for downtown,” said Vernon Mayor, Akbal Mund. “The economic impact of such a development will be significant to existing businesses, surrounding shopping and restaurants, and will encourage more redevelopment in the area“.
The proposed Multi-Purpose Cultural Facility has an estimated project budget of $40 million based on estimates for construction in 2020. The project will be subject to a successful referendum to approve the borrowing of up to $25 million, with the remaining $15 million of project funding to be obtained through federal and provincial grants, partnership contributions, fundraising and donations.
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