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The Okanagan Mainline Municipal Association has told Kelowna city council that building a new bridge through a P3 will cost the city more than through public financing.
The association highlights that the province, with its triple-A rating, can borrow long-term loans at 5.37 per cent while a private company with an A-plus rate pays a higher interest rate at 5.91 per cent.
The association warns that the provincial government doesnt want the bridge to appear as a public debt and is therefore going ahead with a P3 even though it costs more. Lets be up front with it the debts still there. Its facade accounting, says association chair Ron Cannan.