City to borrow $17 million to replace downtown fire station
NANAIMO — After nearly 50 years, Nanaimo’s main fire station will be replaced.
City Council voted 6-2 in favour of replacing the station at the intersection of Fitzwilliam and Milton St. on Monday, May 8. Based on preliminary numbers presented to council, the project will cost $16.9 million dollars.
Deborah Duncan, manager of financial planning for the City, said they’ll borrow money to pay for the project and then use their reserves to pay off the loan.
“Each year money goes into those reserves and each year money comes out to fund projects,” she said.