It's official: Port Moody residents will go to the polls to tell the city whether they want it to borrow up to $16 million to build a new fire hall.
The vote will be held on Saturday, April 16.
Port Moody city staff are preparing a campaign to educate residents about the referendum on the $16-million loan, which, if approved, would have to be paid back within either 30 years or the "reasonable life expectancy of the fire hall," whichever comes first.
If the loan is approved, most Port Moody households will pay $58.51 more per year in municipal taxes over 30 years, an increase of approximately 4%.
In order to pass, the fire hall loan requires a minimum support of 50% plus one vote.
If approved, construction of the new fire hall is scheduled to begin in early 2012 on the site of the current 37-year-old fire hall at Murray Street and Ioco Road. That facility has deteriorated considerably since its construction in 1974 while the population it services has far outgrown its capacity.
