50TH STREET QUICK FACTS 

1.  GRANTS- Both the Federal and Provincial grant ( 4 million dollars) will be used on Main Street

   These dollars cannot be used on any other projects and work must begin by September.

  Total cost of project will not exceed $6,000,000.  Town council will not authorize the spending of more than $2,000,000 for its portion of the project.
 
2.      UTILITIES--Surface drainage issues have been studied on more than one occasion and the same opinion has always been reached. In order to effectively drain water a storm sewer system is the only answer.
     Although the current water line could serve the town for some time to come it only makes sense to upgrade it now and save ourselves the need to dig up the road a second time to upgrade services.
     Sidewalks will need to be replaced. No amount of maintenance can raise sunken curbs and sidewalks or bring them back to a proper standard.
 
3.      PROPERTY TAXES-Clearly the increase in property taxes will be directly related to the amount of money that the Town will need to borrow. We anticipate that we will need to borrow less than $1,500,000. At current interest rates that would require an increase of 1 mill to current taxes. That would mean an increase of $100.00 per every $100,000 of assessment.
 
4.      CHANGES TO BYLAW – The vote is on the first draft of the borrowing bylaw which states that no more than $2,000,000 is to be borrowed. Council has discussed this will be amending the bylaw to reflect that no more than $1,750,000 dollars will be borrowed if the bylaw is passed.
  
5.      EFFECT ON CURRENT BUSINESS’S –Although angle parking is being eliminated from Main Street it is being added to the side streets. The total cost of the local improvement charge will actually be approximately $155.00-about $100.00 less than some people would have us believe.
 
6.      REVITILIZATION-The plan is for commercial buildings with residential units which will mean increased traffic on Main Street. The town has received interest from people about lots on Main Street.  The Cost of beautification is only 10% (approximately) of the total project cost.
 
7.      ADVANTAGES -Our taxes are comparable to surrounding communities-a revitalized main street is a draw for people and business
 
Please contact the Town office or a councillor if you have any questions.
 
 

 





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