By Trevor Busch
The Town of Taber is facilitating a $1 million loan to the Taber and District Chamber of Commerce for construction of a landscaped parking lot and sani-dump as part of the chamber’s plan to construct a new building.
Following closed session discussion on April 14, 2020 town council had passed a motion to proceed with arrangements for the debenture. According to the minutes of that meeting, the vote was not unanimous.
“In order to construct the Chamber of Commerce building and parking lot, it will be necessary for the Town of Taber to borrow the sum of $1 million, for a period not to exceed 20 years, from the Alberta Capital Finance Authority or another authorized financial institution, by the issuance of debentures and on the terms and conditions referred to in this bylaw,” reads a statement in administration’s background to the decision at council’s July 20 meeting.
Earlier at a Dec. 19, 2019 special meeting council had passed a motion to acquire approximately 1.3 acres of land located at 5431 47th Avenue. The purchase included two separate parcels of lots for a total of $904,000. Both parcels had separate sale prices, broken down into purchases of $443,000 and $461,000. Only one of the lot parcels will be utilized by the chamber for construction of a new building.
Estimated annual payments for the loan would be approximately $61,099.88.
Following discussion on July 20, council voted unanimously to pass first reading of Long Term Borrowing – Chamber of Commerce Building Project Bylaw 14-2020.