MD of Peace Council has approved a 5% Mill Rate Increase to residents.
Council says that, in part, it helps pay for the arbitration ruling owed to the Town of Peace River.
Some specifics include a payment of $35,000, as a Peace River Airport expense.
The MD says if the town of Peace River transferred all titles to a non-profit organization, the MD would commit to paying to fee for two years, ending in 2022.
The MD also is paying $400,000 to the town of Peace River as an arbitration ruling.
The town will invoice the MD by April 30th, with the payment being paid by July 1st.
The MD also says that reserves are being dipped into to pay off the balance owed.
Officials say the increase is very significant and may occur in 2023 as well.
