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The District of Lake Country Council has taken the first step in trying to secure funds to pay for its portion of the CN Rail purchase.
The municipality Tuesday gave first three reading to a Loan Authorization Bylaw which, if passed, will trigger an Alternative Approval Process.
The bylaw seeks authorization to borrow up to $2.6 million to fund the purchase of 50 per cent of the discontinued CN Rail line within District of Lake Country’s jurisdiction.
“Many funding options for purchasing the discontinued CN Rail corridor have been explored, including partnerships, grants, municipal reserves and/or borrowing,” says Michael Mercer, Director of Engineering & Environmental Services.
“Each of the local governments involved are making every effort to minimize the current tax impact while securing a land asset that will be valued for generations.”
While the original asking price of the corridor was $50 million, the negotiated cost of the corridor is a combination of $22 million and land donation.
If the AAP is successful, the average residential dwelling valued at $475,000 would see an equivalent value property tax increase of approximately $27 per year.
“If fewer than 10 per cent of electors object, funds will be borrowed through the Municipal Finance Authority and will be paid back over a 20-year term,” said Reyna Seabrook, Corporate Services Manager.
The loan authorization bylaw will be provided to Lake Country Council on Jan. 6 to be considered for final approval.
Elector response forms will be available online and at Municipal Hall and may be submitted by eligible voters in Lake Country who oppose the borrowing for 30 days. Exact dates for the AAP and availability of response forms will be discussed at the Jan. 6 meeting.
The District says it is committed to ensuring the process is transparent and informative to all citizens. Information will be provided through a variety of channels including the website, social media and public open houses for in-person interaction.
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