Lake Country plans referendum on borrowing for waterfront real estate

Photo: Colin Dacre

The view from Spion Kop in Lake Country.

The District of Lake Country will seek voter approval this fall to borrow millions of dollars for the purchase waterfront properties for public use.

The municipality wants to get advance permission borrow up to $8 million in the event that a piece of prime waterfront real estate comes up for sale.

“The current nature of the real estate market in Lake Country is such that properties, if priced appropriately, are purchased rapidly upon being listed,” said a staff report to council this week.

The municipal borrowing process is a long one that the district would like to get out of the way ahead of time.

“If the right fit comes along, the district must have the ability to acquire adequate financing to make a reasonable offer,” said a news release from the municipality this week.

“Council knows there are many other important priorities for the community, including roads, road repairs, water, and sewer amongst others, and the decision to acquire waterfront property does not minimize these impending needs.”

As of the end of last year, the district had just $206,643 in the statutory reserves dedicated to land, park and waterfront acquisition and $1,058,098 in another parkland acquisition fund—$825,000 of which will be spent in 2022.

On October 15, when voters head to the polls to select a new mayor and council, they will also be asked “are you in favour of the District of Lake Country authorizing Loan Authorization (Waterfront Property) Bylaw 1187, 2022 to authorize the borrowing of up to $8,000,000 to purchase waterfront property for community use?”

** a previous version of this story said the District of Lake Country would proactively borrow up to $8 million for a reserve to fund real estate purchases, when in fact, it is only seeking permission from voters in advance to borrow that much. The money would not be borrowed until an acquisition is possible.