The city will be retiring an $80,000 debt and a specified area tax levy in relation to past Marine Park wharf upgrades.
Last week, Salmon Arm council authorized the city to pay off the remaining debt for the wharf’s reconstruction in 1999. In addition, council gave three readings to a bylaw to eliminate the Downtown Waterfront Enhancement Specified Area Tax Levy, established to help cover the $1 million cost of the project.
Chief financial officer Monica Dalziel explains the specified area has met its obligation, and that its elimination will result in a decrease in property taxes for those levied.
“The decrease is quite significant for a number of properties, ranging from $4.60 to $12,800.33 per year,” she wrote.