The City of Langford is considering the potential purchase of the YW/YMCA Langford Aquatic Centre building and its parking lot, for the price of $35 million.

At a meeting on Monday (Nov. 4), councillors were told the YW/YMCA is not expected to be able to cover an estimated $14.8 million for "lifecycle costs" over the next 17 years, the remainder of the organization's service agreement.

The city already makes an annual contribution of $1.9 million towards the running costs of the YW/YMCA, which almost covers the centre's rent.

As the YW/YMCA's "financial guarantor", the city would be liable for any costs not paid by the organization.

According to a presentation by Colliers Project Leaders, purchase of the building from its current owner Westhills could save the city $10.2 million over the next 17 years.

An annual property tax increase of 1.75 per cent from 2025 to 2028 would be needed to cover the cost of purchasing the building.

Interest on a $20 million loan from the Municipal Finance Authority of BC, which has been approved in principle, would push the total cost of the building's purchase to $37.5 million.

The public will have the opportunity to have their say about the potential purchase at a meeting on Nov. 18.

Since it opened in 2016, YW/YMCA has lost over $10 million in operating costs.

More to come.