Saanich has agreed to purchase BC HydroB次元官网网址檚 2.2-hectare parcel of land between Kings Road and Haultain Street for $5.5 million but is seeking to raise an additional $2.75 million in funding from the public.
B次元官网网址淚f Saanich council is unable to raise this amount to offset the incurred debt, Saanich intends to dispose of a portion of the property to recuperate some of the cost,B次元官网网址� said spokesperson Kelsie McLeod.
is looking for a $2.75 million in public funds to offset the $5.5 million purchase of the BC Hydro land between Kings and Haultain. Start passing the hat.
B次元官网网址� travisApaterson (@TravisAPaterson)
B次元官网网址淲e heard from residents over the last several months that this property is a crucial part of their community,B次元官网网址� said Mayor Fred Haynes. B次元官网网址淚tB次元官网网址檚 important that we balance our commitment to fiscal responsibility with the needs of the community, so weB次元官网网址檙e asking for support to help us raise funds to cover the cost of this property.B次元官网网址�
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The parcel is listed as 1843 and 1845 Kings Rd. and also at 2661 Richmond Rd., where there is a small trail access.
Saanich entered the conditional agreement with BC Hydro to purchase the large, unique piece of land in an effort to respond to the needs of the community and capitalize on future opportunities, said the news release. Decisions about land use B次元官网网址� including the possibility of park or development use B次元官网网址� will be made in the future, mostly based on the ability to raise the $2.75 million, Haynes said.
In order to cover the cost of the land purchase, Saanich will consider a financial plan amendment to establish borrowing approximately $4 million toward the purchase price. The payments for this loan are provided for within the existing debt servicing budget. The other $1.5 million will come from reserve funds.
Money could come from the CRD, Oak Bay, Victoria and environmental agencies looking to protect the sensitive Bowker Creek that runs through the property.
B次元官网网址淭he initial ask was $6 million and our staff did a brilliant job of negotiating down to $5.5 million,B次元官网网址� Haynes said. B次元官网网址淒uring the last election campaign [current] councillors heard from the community that this is an important piece of greenspace, one of the last pieces of unprotected urban greenspaces in the region.
B次元官网网址淚B次元官网网址檓 proud to say Saanich council walked the walk on this.B次元官网网址�
BC Hydro has owned the property since 1958 and recently determined it is surplus to its needs. It offered the land to the provincial government, Crown agencies and local First Nations, before Saanich accepted the opportunity to purchase it.
Assuming the sale goes through, Saanich would take possession in late summer or early fall of this year.
A neighbourhood group rallied to gain SaanichB次元官网网址檚 interest in the property as it was only .
