Schedule “B” to By-Law No. 2 of 2010

TOWN OF RIVERS

Local Improvement Plan No. 2010-01
For
Construction of Riverdale Community Recreation Complex
(Pursuant to Subsection 315 of the Municipal Act)

A. Description of Proposed Local Improvement

The Town of Rivers intends to provide recreational and healthy lifestyle opportunities
for present and future generations.

The Construction of the Riverdale Community Recreation Complex will consist of
approximately 62,000 sq. ft. and will include the following:

Main Floor Plan:NHL size Hockey Arena, Curling Rink (4 sheets) and
Fitness Centre
Second Floor Plan: Hall, Kitchen/Canteen
Lounge/Smart Room

The Riverdale Community Recreation Complex will be located at 101 Main Street,
at the corner of Highway #25 and Main Street.

B. Local Improvement District To Be Levied

The Local Improvement District to be levied under this proposal will be all taxable,
grant-in-lieu and otherwise exempt properties in the Town of Rivers, including
Classification 52, Railway Companies.

C. Potential Taxpayers:

Potential Taxpayers will be owners of all taxable, grant-in-lieu and otherwise exempt
properties as described on Schedule “C” attached hereto.

D. Method and Rate to Calculate Local Improvement Tax

The Method will be based on an amount for each parcel of land. The rate will be:
Cash Option (lump sum) $3,150.00
or
Finance Option $345.00/year for 15 years

Pursuant to Section 325 of The Municipal Act, taxpayers will be allowed to prepay
their portion of the Local Improvement tax after the completion of the project and
by a date set by council.

E. Estimated Costs of Local Improvement

The proposed Local Improvement has an estimated cost of $6,500,000.00.

F. Funding Sources

The Town of Rivers proposes to pay for the project as follows:

1. Western Economic Diversification Grant ............ $ 800,000.00
2. Province of Manitoba Grant................................. $ 800,000.00
3. Community Places (Culture/Heritage) Grant.......... $ 50,000.00
4. R.M. of Daly (Contribution) .................................$ 750,000.00
5. Withdrawal from Town’s Arena Reserve Fund.... $ 295,000.00
6. Fundraising (to date).............................................. $ 333,000.00
7. Donations/Fundraising proposed......................... $1,472,000.00
8. Balance of proposed costs.................................... $2,000,000.00

...................................................................................$6,500,000.00

G. Particulars of Borrowing

Amount:.................... $2,000,000.00
Rate:..................................... 7.000%
Term: ...................................15 years
Annual Payment............ $218,789.11

The cost to ratepayers would be levied per parcel of land for a period of fifteen
(15) years.

The aforementioned Local Improvement Plan will be set out in the Financial
Plan for the year 2010.

H. Operation and Maintenance of Local Improvement

Annual operation and maintenance of the Local Improvement will be funded by the Town’s General Operating Fund.

Prepared By

Dennis Higginson, C.M.M.A., U.M.A.
Chief Administrative Officer
Town of Rivers