City formally approves borrowing to buy KDN

NEWS — The purchase of the Kamloops Daily News building by the City passed its final hurdle today as City council adopted a loan-authorization bylaw, paving the way for the $4.8 million transaction with Glacier Media.

Coun. Nelly Dever was the loan dissenter on the vote.

Council was told today that only 39 voters signed response forms opposing borrowing the money. In order for the loan to be stopped, 10 per cent or 6,841 eligible electors would have had to sign petition forms during the alternative approval process, which ended May 16.

Council has made no decision about what to do with its new property — possibilities include a parkade, a performing arts centre or a City hall. It’s expected the building, constructed in the 1950s as a Bay department store, will eventually be demolished to make way for whichever new development the City decides to undertake.