Committee approves waiving $1M in interest charges to Convention Centre
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Hey there, time traveller!
This article was published 03/02/2016 (3570 days ago), so information in it may no longer be current.
Council’s senior committee endorsed an administrative proposal Wednesday to waive $1 million in overhead interest charges that would apply to the $51 million grant to the Winnipeg Convention Centre.
Mayor Brian Bowman and members of his executive policy committee supported the plan without discussion or debate. It still must be approved by council.
City hall approved the $51 million grant in 2012, as part of the facilities $181.5 million expansion project.
It’s been council policy since 1979 to charge 2 per cent interest for the cost of financing capital grants.
For the convention centre project, the city’s grant has been paid out as the facility submitted expense claims.
The administrative report states council has made exceptions for the interest charge, most recently for the grant given for the Jonathan Toews community centre field house project and the police headquarters project.
The convention centre recently submitted a claim for $1.817 million, to bring its total claims to $51 million. But once the interest charge was applied, only $817,000 was paid out.
The administration reasons that council should have waived the interest charge back in 2012 or provided an additional million to the $51 million grant, to cover the interest charge.
aldo.santin@freepress.mb.ca