An increase of taxes to fund the district Well inc.

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In addition to a public square of 42 000 square feet, the Well project inc. now includes 715 parking spaces, compared to initial workshops, which provided for 300 seats.

Marika Simard

Tuesday, 6 February 2018 22:00

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Tuesday, 6 February 2018 22:00

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SHERBROOKE | The financial framework of a project dedicated to entrepreneurship in Sherbrooke, the Quarter-Well inc., has been filed Tuesday. The total budget is estimated at $ 70 million, of which $ 50 million funded by the private sector.

If the City of Sherbrooke is going forward in the project on 19 February, the people of Sherbrooke should expect a tax hike of 0.88 % for the first year. “In more practical terms, it represents 19,43 $ per year for a household that owns a house of which the average value is estimated at 229 000 $”, explained Steve Lussier, the mayor of Sherbrooke.

In addition to a public square of 42 000 square feet, the Well project inc. now includes 715 parking spaces, compared to initial workshops, which provided for 300 seats. “It is clear that the status quo requires the reconstruction of a parking lot that generates no additional revenue for the city, added the mayor. In fact, it is an expense without repercussion financial”. In the financial framework filed Tuesday, the City speaks of a deficit of more than $ 26 million for this last option.

The private consortium will hold a comprehensive presentation of its project on 12 February, a week before the city makes its decision.