The Kamloops Centre for the Arts is looking to raise between $22 million and $37 million for the proposed new $70 million Performing Arts Centre.
A 46-page business case was presented by the KCA at this afternoon’s city council meeting.
The business plan also calls for the City of Kamloops to borrow between $30 million and $45 million for the project, and city staff say property taxes would not have to be raised if borrowing is within that threshold.
The proposed centre, at Seymour Street and Fourth Avenue, would include 120,000 square feet of studio and theatre space, as well as a flex space. There are also plans for 20,000 square feet of administrative space for groups like the Western Canada Theatre.
Local philanthropists Ron Fawcett and his wife Rae have committed to donate $3 million for the facility and to donate land. Altogether the donation would be valued at about $10 million.
“So speaking about now, I think things go in cycles. If this plan doesn’t go now, it’s going to be 10 years, 15 years before it ever comes back. It is critical that we get this now,” Fawcett says.
While a public referendum on a PAC in Kamloops failed in 2015, several councillors said the plan is different this time.
“Part of when I look back at the last referendum, it wasn’t particularly against the Performing Arts Centre. I think what I hear out on the street, it was more the people against the parkade. People were still upset a little at the Riverside Park parkade and they tied that into the next referendum. And I think this a game-changer what you guys are bringing forward,” councillor Bill Sarai told KCA president Norm Daley at council.
The plan says building the Performing Arts Centre would bring 565 full-time equivalent jobs during construction as well as $9.2 million in government revenues. Once built, the KCA says the centre would have an economic impact of $2.9 million annually, while bringing in 31 FTE jobs as well as about $333,000 per year in government revenues.
Operating costs are estimated at around $2.5 million in year one, rising to $2.9 million by year five, and the project is scheduled to be completed in 2023. Those costs would be offset by revenues according to the business case.
Because the city would need a five-year loan on the borrowing, a public referendum would be needed. City staff will bring forward recommendations to council on Nov. 5 about how to seek public assent.
Fawcett says a referendum would need to be finished by March of next year to keep the proposed project on plan. If approved, construction on the Performing Arts Centre would start in the spring of 2021, and it would open by the fall of 2023.
In the 46 page Business Case, the #Kamloops Centre for the Arts (KCA) says building the Performing Arts Centre would bring 565 FTE jobs. Once built the KCA says the centre would generate $2.9M annually and bring 31 FTE jobs, as well as $333K/ year in gov’t revenues. @RadioNLNews pic.twitter.com/9qYHDFg8az
— Colton Davies (@ColtonDavies_) October 22, 2019
Here is the projected timeline as well from the #Kamloops Centre for the Arts for the PAC construction. The build-out would be just under 2 years starting in summer of 2021 if the project is approved by next spring. @RadioNLNews pic.twitter.com/uhSXvMKTFx
— Colton Davies (@ColtonDavies_) October 22, 2019
