Summerside still owes millions on Credit Union Place

Nancy MacPhee
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Credit Union Place, Summerside

It costs the city $1.13 million annually in interest payments

It’s one of Summerside’s biggest assets, but also one on which the city still owes millions of dollars.

While delivering the 2016 budget, Finance Committee Chairman Coun. Frank Costa, said that the 10 year old Credit Union Place, which cost $43 million to build, still has $23.8 million owing on it.

It costs the city $1.13 million annually in interest payments.

The cost to operate the complex is $3.8 million, 40 per cent of which —or $1.6 million — comes from fees charged for activities such as swimming and skating.

The remaining 60 per cent —or $2.2 million —comes from property taxes and income from the city’s electric company.

Costa noted that, during his informal budget address, without the support from Summerside Electric and property tax revenues, user fees would “double.”

He said a priority of council is to keep sport and recreation services affordable for residents. This is the reason, he added, that there would be no fee increases in 2016.

Organizations: Credit Union Place, Finance Committee

Geographic location: Summerside

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Recent comments

  • Summerside Resident
    February 19, 2016 - 13:01

    Summerside CUP is a wonderful facility. Summerside residents and surrounding areas all use this one a daily basis. The walking track, pool, bowling, gym, sqaush etc are actively being used. We are very disappointed in the hockey fans for JR A. I cannot understand why our fans numbers are really low. Its been that way for years. The facility is , in my opinion, mismanaged. To many bosses and not enough front line staff. Major equipment failures every week. We almost lost one rink recently. People want to here the real facts about how their tax dollars are being spent. here. Such as overtime, sick leave costs, number of managers and why. that many and at what costs.

  • mike
    February 19, 2016 - 11:15

    This is what Summerside is known for building everything taking on every event and can't produce! They should never have been given "city" status they are a town just up from a village!

  • Summerside Resident
    February 18, 2016 - 22:30

    Summerside acts and spends like a large City such as Montreal. Oour logan Small City big Opportunities is sinking our City big time. Bill Martin( I wont identify him as Mayor) and his Council have big ideas with big costs attached. Just recently giving themselves a 22% raise is truely shamefull. Kensington Council just took a 9% cut. Mr Martin should take a lesson from Mayor Caseley how to spend what you can afford. Summerside has a real unemployement problem, less jobs etc and they go around pretending all is rosy. The CUP has been mismanaged for years, loook at what this place is costing us and look at the interest per year. Now, numerous things breaking down and hundreds of thousands dollars got into fixing this. Our JR Hockey cant get anymore than 500 fans to a game and they always inflate the numbers present. Their small City big Ideas will put us to bankrupt soon. Lots of places to save money, cut top management positions, trips, and get fiscial restraint in order. Our debt is 69.8 million( so they say). This place reuires an outside Forensic Audit to really show the taxpayers where theie money is going. Bill Martin will dodge this until he walk away. He had no idea the mess he was getting into. We have a number of Councillors going door to door during election with many promises and than broke them. Not a very well respected Council to say the least.