It is somewhat disturbing to hear people complaining about the cost of legal battles caused by those opposing the Kingsway Entertainment District.
While I don’t have strong feelings either way about the KED as an entertainment district, a reality check is needed regarding the money.
The city has reported the municipality and its partners have spent about $2 million on the project already and the city has stated that estimated legal costs will add another $500,000 to that, making the cost about $2.5 million since June 2017.
All of these costs have been brought on by the city and city councillors would like to increase that cost by close to $5 million per year.
Loan repayment on $100 million at a very low interest rate of 2.69 per cent over 30 years is $4.86 million per year, representing a 1.7 per cent increase in taxation levy.
It now appears that an optimistic guess would be a three-year delay in the project, costing $2.5 million.
A three-year delay in loan repayment will have avoided a cost of $14.58 million to taxpayers for net savings to taxpayers of about $12 million.
Many in the city appear to feel a 1.7 per cent increase in the tax levy is worth it and that is their choice. Others don’t appear to feel the same way.
In either case, personal decisions should be based on full knowledge of the consequences of those decisions before making them.