City retires $5 million debt

Dry conditions in and around St. Albert means the city is unlikely to hold a mortgage burning party, but staff are pretty happy they have officially retired one of its few remaining debentures.

Ed Kaeming of the city’s finance department confirmed the city on Wednesday officially paid off the $5.568 million debt it took on to build the Public Works Jack Kraft Facility. Completed in 1999, the 48,000 sq. ft. building houses the city’s public works crews and equipment, as well as its office of the environment.

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