The City of Courtenay plans to borrow $1.245 million for the 6th Street Bridge Project.
In a meeting on May 21, City council gave three readings to a Loan Authorization Bylaw asking to borrow $1.245 million for the project this year, a decrease from the $4.3 million originally planned.
The project will improve walking, cycling, and accessibility across the Courtenay River, including from the bottom of 6th Street to Simms Millennium Park.
The city says the project’s cost has gone up from $6.9 million to $11.2 million this year.
“The total estimated cost of the project remains $11.1 million, but a revised funding plan has reduced the amount of new debt while keeping the project on schedule,” said the city of Courtenay.
With the bylaw approved, the funding breakdown looks like this:
- $1.245 million in new borrowing this year
- $2.5 million borrowed from 2024
- $2.5 million from Infrastructure Canada’s Active Transportation Fund
- $1 million from the original Growing Communities Fund
- $1.555 million reallocated from the Growing Communities Fund
- $1 million in unspent funds from 2024
- $500,000 from the Canada Community-Building Fund
- $800,000 from City reserves.
Construction of the bridge looks to start this fall and wrap up by the summer of next year.
