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The District of Lake Country has acknowledged it is aware of two property owners who have a right of first refusal on portions of the defunct CN Rail line running through Oyama.
The municipality issued a brief statement on the process Thursday afternoon.
In the statement, it says nothing has changed as far as the upcoming referendum is concerned or the process being undertaken by the inter-jurisdictional team tasked with negotiating with CN Rail.
“The purchase price of the corridor includes the two right of first refusal properties but if those property owners exercise their right and purchase the parcels from CN first, the overall purchase price for local governments would be reduced by the equivalent amount and these funds can then be used by the municipality to purchase the parcels back from the owners,” said Michael Mercer, Director of Engineering and Environmental Services with the District of Lake Country.
“The District is committed to ensuring continuity of the corridor and is optimistic this will occur through ongoing discussions with the landowners. The borrowing amount of the referendum will remain no more than $2.6 million.”
The two property owners were awarded a first right of refusal from CN Rail.
The inter-jurisdictional team will continue its due diligence, including finalizing the financing required for the acquisition.
The District of Lake Country referendum on April 25 will continue as planned and its success is key to funding Lake Country’s portion and securing the asset for the community.
