Budget and funding strategy

What will it cost?

It is too early in the project to provide a realistic cost estimate. This is due to a variety of factors such as inflation, rising construction costs associated with supplies, equipment, labour, and unique site conditions. A recommended funding strategy will be brought forward for Council’s consideration in Phase 2 (detailed design), when construction costs can be more accurately estimated.

How will it be funded?

Construction is expected to be funded through a combination of City reserves, Amenity Cost Charges (ACC), Development Cost Charges (DCCs), and borrowing. At the end of Phase 2, Council will consider a proposed funding strategy. If approved, the project will proceed to construction, and a future property tax increase will be required to support borrowing costs. The City will look at phasing this in over time to minimize the annual financial impact on residents.

What about operating costs?

Running a new larger facility with additional programming will increase annual operating costs. A property tax increase will be needed to cover this, which could also be phased in once the facility is open to the public to reduce the initial impact on taxpayers.

Planning for the future

The proposed facility is *39,000 square feet. While a smaller building would cost less upfront, building a larger facility now meets the needs of our growing community and avoids significantly higher, more costly expansions down the road.

*Note: We originally proposed a 30,000-square-foot building to replace the existing 11,000-square-foot facility. After hearing from the community and Kyle Centre user groups in Round 1, and after further consideration of the impacts of future growth, we are now proposing a 39,000-square-foot building to better meet the needs of current users and Port Moody’s growing population over the next 25 years.

Figure 1: View from Kyle Park looking north toward PoMoArts