The Town of Princeton has filed millions of dollars worth of flood insurance claims, in the wake of the Nov. 14 flood.
Town director of finance James Graham told The Spotlight the flood did significant damage to three municipally-owned properties – the public works facility on Harold Avenue, the seniors’ centre on Angela Avenue and Princeton and District Community Social Services building on Harold Avenue.
Total damage to the buildings is estimated at $2 million.
Further, the town lost 16 trucks and pieces of heavy equipment, and the total of those claims to ICBC is approximately $650,000.
Graham said deductibles on the vehicles and equipment are standard amounts. For the building claims, with another insurer, there is a $50,000 deductible.
The municipality can apply to the province’s disaster relief fund to recoup $40,000 of the deductible payout.
“At the end of the day it will cost us $10,000 and that could be found with relative ease in the budget.”
Graham said there is a move planned for the public works yard, but could not give specifics about its new proposed new property.
“We are looking at relocation…Obviously having it next to the river isn’t a great long term solution.
At a recent special meeting council awarded a contract worth $144,000 to Spanmaster Structures Ltd. to build a temporary storage facility for public works.
Meanwhile, the town continues to seek $2 million in funds, to pay its contribution of the flood emergency response.
The province approved the rebuilding of the Tulameen River dike, new water lines located under the Brown Bridge, and temporary diking along both the Tulameen and Similkameen Rivers.
The total cost of those projects is approximately $10 million, with the province paying 80 per cent. It leaves the town on the hook for $2 million.
In an interview earlier this month, Mayor Spencer Coyne said if those dollars cannot be sourced from the federal government, local ratepayers could face a 70 per cent tax increase in 2022. “It’s not something we can put off…It’s money that has been spent and people are looking for their money,” Coyne said.
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