A tale of two bridges in Golden

A look at tax implications of the Bridge to Bridge project.

The proposed Bridge to Bridge project has raised many question about the overall effect it will have on the community.

One of the questions has been about the tax implications it will have on Golden.

Town of Golden Chief Administrative Officer, David Allen, explained what the potential effects would be.

“It’s important that people have the right information about the tax implications associated with the proposed Kicking Horse River Dyke Upgrade (Bridge to Bridge) Project. We plan on undertaking short term borrowing at a rate of 1.73 per cent until the project is completed, with long term borrowing at a rate of five per cent starting in either the spring or fall of 2014. As noted in the B2B information package that we sent out two weeks ago, the estimated impact on residential property taxes is expected to be about 2.5 per cent starting in 2014,” he said.

Since the announcement was made about the proposed project many people have been voicing their opinions on what the best course of action should be.

“I think it is a huge benefit to the community of Golden. I fully believe it will be a benefit to all the businesses and the entire town because it will bring tourists. We do not have the big businesses anymore so we need to work on doing things that will bring in the tourists and visitors and keep them in the downtown area.” said Coun. Mike Pecora.

Coun. Caleb Moss also thinks the project is something that needs to be completed for the benefit of the community as a whole.

“To reiterate what has been said in the past and is being carried forward, this is an important infrastructure for the community. Ideally it is a safety issue and it is a social responsibility issue to address these issues,” Moss said.

“Going forward, if the current process is dictated by the public saying borrowing over the long term is not the best way to address this, then we will have to address this in other manners. Be that short term borrowing or reallocation of resources to address it… because it is our responsibility, because it is something that has to be done.”

 

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