Construction debt on the SOEC has been retired
The $26-million construction debt for the South Okanagan Events Centre has been paid back in full and on time, the city announced Thursday.
“This is a great Christmas present for our community,” said Coun. Jake Kimberley, who served as mayor during the SOEC’s construction in 2008.
He noted city officials of the day focused on building it right the first time to avoid problems down the road.
“I said, ‘Don’t go in there five years from now and start pulling it apart trying to fix it,’” recalled Kimberley.
“It’s a class building,” he added, noting comments of appreciation he’s received throughout the years about the quality of the SOEC.
Financing through the Municipal Financing Authority of B.C. was one of four primary funding methods used by the city to raise money for the project.
Construction debt was divided into three loans: two loans, totalling $8 million, were retired in 2012 and 2017, respectively. The third loan of $10 million was retired this year.
The B.C. government also kicked in $22.5 million, $13.9 million came from city reserves, and $5.6 million came from other sources.
All told, the project and related works, such as relocating sports fields, totalled $81.2 million. Just $3.4 million remains to be paid on loans for those related works.
“The successful completion of a project of this scale and magnitude for a community of 33,000 people was a notable achievement when the South Okanagan Events Centre opened,” Mayor John Vassilaki said in a press release.
“That achievement has continued forward to today thanks to prudent financial planning.”
A study prepared for the city earlier this year estimated the SOEC’s annual economic impact at $10.2 million.