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.