PortageMultiplex note : So they have burned through there 2 million dollar contingency fund, they are short a million dollars from their fundraising, and now the city needs to borrow 2 million more. With reported holes in the pool liner and windows falling out, the truth comes out a little more everyday what a fiasco this is and sadly will continue to be.

From the Daily Graphic May 11 2010

The City of Portage la Prairie once again has to borrow more money to finish the PCU Centre.

City council aims to approve the borrowing of an additional $2 million for the recreation centre and discussed it during the committee portion of its regular meeting Monday.

This now brings the total cost of the building to $43,217,417, Coun. Janet Shindle, chairwoman of the Portage Regional Recreation Authority and the city’s community services committee, told council.

Although council doesn’t want to borrow more money to complete the centre, she noted, borrowing the money is necessary to finish the project in such a manner as to guarantee that more money won’t need to be spent on it in the future.

“None of us are really happy about the additional debt,” she said.

Of that, the city’s portion, including the latest $2 million to be approved, is $21,872,417. A total of $1,879,368 is to come from the city’s recreation reserve, $4,691,090 is to come from the city’s general reserve and $15,350,000 is to come from borrowing.

The Rural Municipality of Portage la Prairie’s share is still $8 million, while the provincial and federal governments’ shares are still $5 million each.

Another $3.4 million is to come from donations, although that number is still a projection at this point as fundraising efforts continue.

City council did approve additional spending authorization to project managers Tower Engineering to spend the yet-to-be-borrowed $2 million to complete the project.