Cumberland Council is seeking the approval of the electors through an alternative approval process (AAP) to adopt a loan authorization bylaw to borrow up to $4.2 million for a maximum term of 30 years to construct a new Fire Hall at 4382 Cumberland Road in 2020.
This project will result in an increase in taxes for capital debt repayment and operating costs for the fire protection service. For a residence with average assessment of $431,847, the financial impact is estimated to be $142 per year for a 20 year debt term at a 4% interest rate. The impact on a commercial property with median assessment of $306,150 is estimated to be $294 per year for a 20 year debt term at a 4% interest rate.
The Council may proceed with the adoption of “Fire Hall Loan Authorization Bylaw No. 1122, 2019” unless by December 13, 2019 at least 310 electors, which is 10% of the electors of the Village of Cumberland, indicate that the Council must obtain the assent of the electors before proceeding. The approval process applies to the entire Village of Cumberland.
Elector responses must be given in the form established by the Council. The form is available at the Village office and by searching “Fire Hall AAP” at cumberland.ca. The only persons entitled to sign the forms are the electors of the Village of Cumberland.
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