News

Park purchase stalls

A hefty price tag is keeping Coldstream from extending public waterfront access.

For the past several months, the District of Coldstream has attempted to acquire the Ormsby property on Coldstream Creek Road.

When Margaret Ormsby died in 1996, her will called for the district to have the first opportunity to buy the entire property as a park. The trustee of the estate has sole discretion to negotiate and accept the sale price, and there is not a right of first refusal on the property.

According to the district, it obtained an appraisal based on park use and this offer was rejected by the trustee.

“The property has now been placed on the open market at a value significantly higher than the appraised park value,” states the district.

The property is listed for $6 million, says resident Sharon Lawrence, who is hopeful Coldstream can purchase the property before it’s too late.

“The clock is ticking here,” said Lawrence, who has a petition of more than 60 names of people hoping the land can be preserved for public use.

 

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