This is a good deal

Staff writer
March 7, 2014 01:00 AM

Editor:

I'm somewhat astounded to read letters saying no to the proposed low interest loan/grant combination coming up for referendum.

This is not about the merits of the treatment plant. That's a done deal. This is strictly about the financing of a portion of the cost.

To put it into the best perspective I can, let's imagine that we were talking about buying a car for which my banker is willing to lend about 20 per cent of the agreed purchase amount at normal interest. All the rest of the financing is already in place.

I like the deal, the money is available, and then I get an offer for the same amount of money with a non-repayable grant large enough to pay the interest on the loan. What would you do?

Well, that's not quite the deal, you say. So to be completely fair, let's say that I already had the money in the bank and the offer was a loan with a grant to cover the interest. I get to keep my money for other uses and the monthly payment is an interest-free repayment of principal, which I can manage from cash flow.

So what's not to like? However you feel about mayor and council, a good deal for us is still a good deal for us. Vote yes on March 8.

Terry Karkabe, Sechelt

© Coast Reporter

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