The Town of Sylvan Lake (Alberta, Canada) is gearing up for the next phase of its long-awaited Pogadl Sports Park, and it looks like the funding is finally in place.
The Town plans to borrow CA$7 million from the Province of Alberta to complete phase three of the project, which includes the construction of an RV campground, washrooms, roads, parking lots, and trails. The campground is set to open in the summer of 2024.
The park’s third phase will also see the installation of the remaining water, sewer, storm lines, and site landscaping.
The Town estimates that the initial borrowing will occur in June 2023, with the first payment, approximately CA$275,000, due six months after borrowing the funds. Payments are bi-annual and are expected to be amortized over 25 years.
To allow the borrowing, Bylaw 1870/2023 is currently in the process of being approved by the Town. The first reading of the bylaw took place on January 9, with notices to electors published twice in Sylvan Lake News during the following weeks.
A 15-day petition period is currently underway until today, February 3, to allow residents to voice any concerns.
The second and third readings of Bylaw 1870/2023 are scheduled for Feb. 13, and if all goes as planned, the 30-day application period to the Court of King’s Bench will end on March 15.
At current interest rates, the Town plans to make one payment in 2023 and two payments equalling about CA$550,000 annually in the following years.
This is an exciting time for Sylvan Lake, and residents are eager to see the completion of the long-anticipated Pogadl Sports Park.
With the loan from the Province of Alberta, the dream is finally becoming a reality, and Sylvan Lake will have a brand new campground for residents and visitors to enjoy for years to come.