FOR IMMEDIATE RELEASE
Downtown Moncton Centre-ville Inc. contributes Key Funding for the Downtown Events Centre
(Wednesday, January 23, 2019 – Moncton) – Downtown Moncton Centre-ville Inc. (DMCI) Monday confirmed by MOU the terms and conditions upon which DMCI can meet its commitment to donate the $3.75M to the City of Moncton for the Centre AVENIR Centre over a period of 30 years.
Board President Jim Dixon of Ashford Investments states: “DMCI’s Board of Directors wishes to make its position clear: DMCI fully intends to meet its commitment. DMCI’s position has always been that the Centre would be a catalyst to downtown development and DMCI regards this commitment as a contribution towards its success.”
He continues: “DMCI is prepared to make instalments based on the cumulative increase in the amount of BIA levy collected from New Development. The projections provided by the City of Moncton illustrates that this should be achievable in 20 years; however, the MOU allows up to 30 years in the event the projections do not pan out exactly as illustrated. We are confident that this should allow DMCI to meet its commitment.”
“As a sign of its support of the Centre and in consideration of the benefits the Centre would bring to its stakeholders, DMCI was one of the first entities to have committed to contribute funds towards the construction of the Centre and has been consistent in its support to the realization of the Centre”, explains its Executive Director, Anne Poirier Basque.
She further explains: “DMCI’s sole source of funds is the Business Improvement Area levy it collects from the commercial property owners in the BIA, to whom it is ultimately answerable. DMCI cannot encroach on its base as those funds are required for DMCI’s ongoing operational needs and to continue to provide services to its stakeholders into the future. This benefits the entire City. “
DMCI exemplifies the purest form of economic development – the non-residential commercial property owners located in the BIA in the City of Moncton levy themselves on the assessed value of their property and that levy is turned over to DMCI for its operations and to meet the economic development purposes for which it was created, including the provision of services to all of DMCI’s stakeholders and the investment of the levy back into all areas of the BIA.
For more information:
Anne Poirier Basque
Downtown Moncton Centre-ville Inc.
DMCI Board President