The city is looking to borrow $3 million dollars to upgrade its 18th Avenue public works yard.
"Moving the city operations located at the Fourth Avenue Yard to the 18th Avenue Yard will vacate the land required to make this green connection," city staff said in a report to council on Monday.
The project would include a new building to house public works administration, and renovations to existing buildings to house shops and vehicles currently located at the Fourth Avenue city yard.
"This project has been on the desired list for a number of years," said city staff. "It has been brought forward as a result of the Smart Growth on the Ground exercise completed in 2009 which identified the need for a green corridor connecting the downtown with the river system."
City council unanimously approved the borrowing bylaw which would allow the money to be borrowed. However, final approval cannot be granted until after July 5.
Under the alternative approval process, residents have until 5 p.m. on July 5 to sign a counter-petition against the initiative.
If 5,307 or more people, 10 per cent of the electorate in Prince George, sign the petition than council cannot finalize approval.
Copies of the counter-petition are available at City Hall.
ABOUT THE LOAN
Span: over 20 years
Annual payments: approximately $242,625
Interest costs over the life of the loan: $1.85 million
Debt servicing cost: 0.2 per cent increase to the city's $117.1 million budget
Currently the city spends $18.9 million on debt repayment.
