The Town of Sylvan Lake plans to borrow $7 million from the Province of Alberta to complete phase three of the long-anticipated Pogadl Sports Park.
This next phase of the park includes the construction of an RV campground, including a south washroom, roads, parking lots, and trails. The campground is currently set to open in the summer of 2024.
Phase three will also include the installation of the remaining water, sewer, storm lines, and site landscaping.
If approved, the Town estimates that the initial borrowing will occur in June 2023, with the first payment, approximately $275,000, due six months after borrowing the funds.
Payments are bi-annual and are expected to be amortized over 25 years.
At current interest rates, the Town plans to make one payment in 2023 and two payments equalling about $550,000 annually in the following years.
To allow the borrowing, Bylaw 1870/2023 is currently in the process of being approved by the Town.
The first reading of the bylaw took place on Jan. 9, with notices to electors published twice in Sylvan Lake News during the following weeks.
A 15-day petition period is currently underway until Feb. 3 to allow residents the opportunity to voice any concerns.
The second and third readings of Bylaw 1870/2023 are scheduled for Feb. 13.
If all goes as planned, the 30-day application period to the Court of King’s Bench will end on March 15.
Bylaw 1870/2023 becomes valid if no application is made, and then the construction of Pogadl Park Phase 3 can begin.