Town council approves increased debt financing for NexSource Centre

Sylvan Lake Town Council on Monday voted to increase NexSource Centre debt financing to $16 million from $13 million.

Sylvan Lake Town Council on Monday voted to increase NexSource Centre debt financing to $16 million from $13 million, following the approval of a nearly-$3-million project budget increase in late April.

The budget increase arrived as the result of a value engineering exercise carried out earlier this year. Council chose the debt financing increase out of three financing options presented by staff on Monday to make up for the additional costs.

Others options suggested reducing spending in other areas — potentially affecting projects and upgrades on Lakeshore Drive and Centennial Street — and increasing sponsorship and grant funding by up to $1 million.

Councillors agreed that requesting another $1 million out of the project’s fundraising committee was a big ask.

“The volunteers that run that campaign signed on (to raise) $2 million,” said Mayor Sean McIntyre. “It’s not fair for us to ask them to raise more.”

McIntyre suggested other ways of raising money for such initiatives in the future, including a home lottery previously proposed by Coun. Dale Plante.

“Coun. Plante has done some background work on a home lottery and its abilities to contribute to the NexSource Centre and other programs, and I think that not only is it an option, it’s something like that we ought to consider,” he said. “We need community champions to make it happen, but I think it’s something we ought to discuss.”

The total budget for the NexSource Centre now sits at $33,550,000.