Upgrades to Lake Country’s wastewater facility are on tap with borrowing approved to the tune of $8.84 million.
The alternate approval process was successful with only 26 people opposed to the loan. A total of 1,267 people, or 10 per cent of the population, needed to sign elector response forms in order to prevent the loan authorization.
“The project includes improvements to increase the District’s capacity to treat wastewater and reduce risk by providing greater redundancy,” director of corporate services Reyna Seabrook said in a report. “Not completing these improvements puts the plant and District facilities at risk of failure due to a lack of redundancy and capacity.”
The cost of borrowing will be recovered through Development Cost Charges. If there aren’t sufficient DCCs to cover debt repayment, Lake Country council may consider alternative debt repayments at that time including borrowing from reserves or an increase or implementation of taxation.
“Approximately 20 per cent will come from user fees from existing customers reflecting the fact that the redundancies from this project will benefit existing customers while the remaining 80 per cent will come from future DCCs reflecting the fact that the expansion in capacity from this project is to support future development in the district,” Seabrook’s report reads.