Electoral approval has been obtained for the Cowichan Valley Regional District’s Bylaw No. 4328 for Saltair water loan authorization.
The Alternative Approval Process for borrowing up to $3.7 million to fund the provincially-mandated, water-filtration-treatment upgrades passed, with only 30 objections filed by the deadline on Wednesday, Feb. 10.
Saltair electors have thus approved a 20-year loan which could result in a tax increase of up to $270 per year per parcel. The CVRD will borrow funds for the project after it is completed.
The exact amount of the loan and corresponding parcel tax increase could be less and the CVRD expects a status report about its latest grant funding application very soon that could reduce the cost.
“I am extremely pleased with the outcome,” noted Lynne Smith, Area G Saltair/Gulf Islands director.
“The Alternate Approval Process came with minimal cost to the Saltair taxpayers. A referendum would have cost the Saltair taxpayers approximately $40,000.
“I have always supported the 20-year loan option as 15, 10 or five-year loans would have only increased the yearly taxation. The option of one lump sum payment of approximately $4,300 was another option I could not support. The 20-year loan will spread the taxation over current and future Saltair property owners.”
The Saltair community continues to wait for the province of B.C. and federal government to announce the grant funding for projects under the Investing in Canada Infrastructure – Green Infrastructure (Environmental Quality Program) that would provide funds for the Saltair water treatment retrofit project.
The electoral approval for the Saltair water loan authorization of up to $3.7 million also covers the possible $1.6 million loan amount that will be required if the Saltair water system receives the grant.
Certified results will be on the Feb. 24 CVRD board agenda, along with the Loan Authorization Bylaw coming up for adoption consideration.