Meredith Centre
Finance
How will construction of the Meredith Centre be financed?
The capital budget for the Meredith Centre is $9.8 million, which includes the building, its furnishings, completion of the road, parking lots and landscaping. This cost will be financed as follows:
- $6.2 million - federal and provincial infrastructure grant for municipalities already approved.
- $2.6 million - Municipality of Chelsea as per borrowing bylaw passed in June 14, 2009 referendum
- $400K - anticipated proceeds from sale of existing community centre on Old Chelsea Road.
- $600K - fundraising through the Build Campaign (of which $300k has already been raised).
Will property taxes increase in the event of project cost over-runs?
No. If necessary, the scope of the project itself will be downsized to remain within budget.
How did Chelsea manage to receive $6.2 million from the provincial and federal governments?
In the summer of 2008, thanks to a unique partnership and collaboration between the Chelsea Foundation, municipal staff and elected officials, the federal and provincial governments chose Chelsea from among hundreds of eligible applicants to receive $6.2 million in funding to build the Meredith Centre.
It is unusual for a small community like Chelsea to receive such a large federal-provincial grant. Many larger cities in Quebec and Ontario were in the running. We won this grant due to: 1) widespread support within the community; 2) the number of community, sports and cultural groups in Chelsea who would benefit; 3) the funds raised and professional in-kind labour already contributed by the community and FCF; and, 4) the close alignment and cooperation between the Chelsea Foundation and the Municipality of Chelsea.
What conditions (if any) are attached to the $6.1 million grant from the federal and provincial governments?
The primary condition is that the funds must be used for the purpose outlined in the grant application, namely the community centre, rink and multi-purpose gymnasiums facility. After an extensive and far-reaching consultation process during which a number of options were considered, the planning committee narrowed its choices to these three components, deeming them to be the most desirable and viable for the community.