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'Future DCs depend entirely on future housing growth'Posted July 13, 2012
to the editor,
Reading mayor Mike MacEachern defend the Town debt as not
really debt, reminds me of the old George Burns and Gracie Allen skit
where he suggests to Gracie that there is "no more money in our bank
account because you are spending too much money." Gracie replies, "how
can there be no more money, I still have cheques."
To pay off the amount of debt associated with future
development charges will probably require annual growth between 3.5 to
five per cent. Current growth in Ontario is around 1.8 per cent.