A major step forward for a new Community Learning Centre in Ponoka as the Town has signed a lease agreement for about 28,000 square feet of space in the new Centre.
The concept for the space is a real community hub, with the new 3 storey building to accommodate the Ponoka Jubilee Library, Campus Alberta Central which offers post-secondary programming from RDC and Olds College, and a new home for Town Administration and Council Chambers.
Landrex Inc. will build the new Centre on the old hospital site at the north end of 50th Street.
Mayor Rick Bonnett says the newly negotiated lease is a much better deal as “it gives future Town Council's the advantage of a buy-out option after year two of the lease to purchase the new building at fair market value”, and that buy-out option remains available throughout the 25 year lease.
Under the revised lease agreement, the Town’s lease rate is $25 per square foot, which total about $575,000 annually for the Town and Library lease space, in addition to a proportionate sharing of operating and maintenance costs.
That lease cost works out to an anticipated 9.75% municipal property tax increase in the 2018 budget, not including increases for other operational costs that may be required in next year’s budget.
Bonnett believes the new building will be a strong catalyst for future growth and development in Ponoka “which would expand our municipal tax base and help offset future lease costs for the new building”.
The Mayor also alludes to the developer Landrex expressing interest in pursuing other development opportunities in Ponoka, “in fact Landrex is expected to announce another major project on the old hospital site in the very near future”.
Fri, Apr 26, 4:54 PM
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