Lake Country proceeds with borrowing process for rail line

Residents will be asked to borrow up to $2.6 million to buy CN track

Lake Country residents will be asked if they want to borrow funds to purchase a rail corridor.

On Tuesday, council gave three readings to a loan authorization bylaw to borrow up to $2.6 million to fund the purchase of 50 per cent of the discontinued CN rail line within Lake Country.

“Many funding options for purchasing the discontinued CN rail corridor have been explored, including partnerships, grants, municipal reserves and/or borrowing,” said Michael Mercer, director of engineering.

“Each of the local governments involved is making every effort to minimize the current tax impact while securing a land asset that will be valued for generations.”

The negotiated price tag for the corridor is $22 million with Kelowna and the Regional District of North Okanagan also participating financially.

Lake Country must seek public consent for borrowing. The alternate approval process will be used.

“If fewer than 10 per cent of electors object, funds will be borrowed through the Municipal Finance Authority and will be paid back over a 20-year term,” said Reyna Seabrook, corporate services manager.

The loan authorization bylaw will be presented to council Jan. 6 for final approval.  Elector response forms will be available online and at municipal office and may be submitted by eligible voters in Lake Country who oppose the borrowing for 30 days. Exact dates for the AAP and availability of response forms will be discussed at the Jan. 6 meeting.

If the alternate approval process is successful, the average residential dwelling valued at $475,000 in Lake Country would see a tax increase of about $27 per year.

The Okanagan Indian Band opposes the sale of the railway corridor and says the land along Wood and Kalamalka lakes is part of its Commonage claim.

 

Just Posted

IPE Parade draws near

Armstrong’s 120th Interior Provincial Exhibition starts next Wednesday, Aug. 28

Meet Vernon’s newest homeless outreach team

The Vernon Homeless Outreach Team makes its first formal appearance Aug. 28 at Upper Room Mission

Vernon Pizza Huts raise dough for diabetes research

Vernon Pizza Hut locations raised more than $3,000 for the Juvenile Diabetes Research Foundation

Downstairs renter of torched Vernon home a British Army veteran, new Canadian

Owen Wilson was just beginning to settle into life in Canada when the blaze occurred

Smiles all around at O’Keefe Ranch’s Family Fun Day

Family Fun Day took place Aug. 18. at the historic O’Keefe Ranch

VIDEO: B.C. Mountie killed by drunk driver honoured by memorial playground

Sarah Beckett Memorial Playground opens with ceremony in Langford

B.C. man who died after rescuing swimmer was known for helping others

Shaun Nugent described as a dad, a coach, a hero and stand-up guy at celebration of life

B.C. RCMP plane chases fleeing helicopter as part of major cross-border drug bust

The helicopter eventually landed at a rural property near Chilliwack

PHOTOS: Brazil military begins operations to fight Amazon fires

Amazon fires have become a global issue, escalating tensions between Brazil and European countries

Racist confrontation in Richmond parking lot caught on camera

Woman can be heard yelling racial slurs, swear words at woman in apparent parking dispute

Okanagan Nation bringing overdose awareness to Syilx Okanagan communities

The Purple Ribbon Campaign for International Overdose Awareness Day is Aug. 28

Groups ready campaign to help young voters identify ‘fake news’ in election

The media literacy campaign to focus on identifying misinformation and suspicious sources online

Big rally in northern B.C. draws attention to continuing lumber crisis

Mayor Joan Atkinson says about 400 workers have been directly affected by the closure of the Canfor mill

Orangeville Northmen take Minto Cup at Langley Events Centre

Swept best-of-five series 3-0 over Victoria Shamrocks

Most Read