Prince Rupert city council held a special meeting last night which saw a new addition to their five year financial plan.
After being made aware of the potential for grant funding, city staff decided to amend their plan to include a $40 million borrowing allowance.
The goal is to attain the funding to include sewer line work that is to be done in tandem with other water infrastructure updates.
Council decided to give a first, second, and third reading to that plan as well as the property tax bylaw.
Pending approval on Monday, the 12.5 percent increase would see residential homeowners pay $4.94 per $1,000 in assessed value, while business owners would pay $24.91.
There’s been no comment so far as to how the borrowed $40 million would affect municipal tax rates in the future.
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