Smiths Falls secures arena funding through loan
Financing for the Smiths Falls Memorial Arena and Youth Centre will be covered by a long-term loan renewal agreement with the Royal Bank of Canada.
At this week’s Committee of the Whole, Councillor Chris McGuire said the town still owes a little over three million dollars on the arena, a project that was authorized by a previous council.
The balance owing is associated with outstanding construction costs.
McGuire gave credit to Treasurer Janet Koziel, who was able to lock in a “competitive” interest rate that will save the town roughly $30,000 per year.
The loan is expected to be amortized over the next fifteen years, but a future council would retain the ability to seek another arrangement.