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District of Saanich Council Calls on Community Support to Help Purchase New LandDistrict of Saanich
SAANICH - The District of Saanich Council is asking for support from the community to help cover the cost of acquiring land near the intersection of Kings Road and Richmond Avenue.“We heard from residents over the last several months that this property is a crucial part of their community,” said Mayor Fred Haynes. “It’s important that we balance our commitment to fiscal responsibility with the needs of the community, so we’re asking for support to help us raise funds to cover the cost of this property.”
Saanich has entered into a $5.5 million 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. Decisions about land use - including the possibility of park or development use - will be made in the future.
In order to cover the cost of the land purchase, Saanich will consider a financial plan amendment to establish borrowing of 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.
Saanich Council will seek financial contributions from other local governments, community associations and organizations and residents to raise $2.75 million of the purchase price. If 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.
- The parcel of land is 2.23 hectares and consists of three addresses: 1843 and 1845 Kings Roads and 2661 Richmond Road.
- The site is undeveloped, with the exception of one uninhabited single-family dwelling, and is covered with grass, trees and shrubs.
- Bowker Creek runs along the southwest boundary of the site.
- BC Hydro has owned the property since 1958 and recently determined it is surplus to its needs.
- As part of its disposition process, BC Hydro first offered the land to the provincial government, crown agencies and local First Nations.
- Work is currently underway to complete due diligence and remove subject conditions. It is expected that Saanich will take possession in late summer or early fall 2019.
More information about how to make a contribution toward the purchase of the land will be provided in the coming months.
Media contacts:Kelsie McLeod
250-475-5494 ext. 3488