Showing posts with label CN Rail purchase. Show all posts
Showing posts with label CN Rail purchase. Show all posts

Monday, June 1, 2015

Rail injunction denied

Tuesday, February 24, 2015

Lake Country derails rail


by | Story: 133678 -  

Residents of Lake Country have said no.


Castanet News has learned voters in Lake Country have said no to a bylaw allowing the municipality to borrow up to $2.6 million to purchase half its share of the defunct CN Rail line.

The bylaw was voted down following a six week Alternative Approval Process.

Taxpayers in Lake Country were being 
asked to approve the purchase, thus adding an additional $27 to the average tax bill.

Official numbers were released shortly after noon.

A total of 960 valid signed petitions were received by the noon deadline Monday.
In order to quash the borrowing bylaw only 10 per cent of the approximately 9,315 eligible voters (931) were required to sign the petition.

The campaign got nasty last week when opponents of the purchase spearheaded a door-to-door and mail out campaign, one which Mayor James Baker said was full of misinformation.
In a counterstrike, Baker sent a letter to local media extolling the virtues of the "once-in-a-lifetime opportunity."

"Some people may ask if we can afford the cost, but the real question to me is: can we afford not to?" stated Baker in his letter.

While the municipality does have options, including a full referendum on the borrowing bylaw, Baker stated the municipality does not have a Plan B.

"If local governments are not successful in purchasing the corridor, it could be sold off in parcels to private interests," added Baker in his plea.

"This could mean losing control of over 16 kilometres of prime, linear real estate in our community, much of it beautiful waterfront that our residents or visitors cannot access now, and most likely never would if sold privately."

Baker has not yet officially commented on the outcome of the AAP.

Tuesday, December 9, 2014

Financial details revealed for railway corridor purchase

    by  Richard Rolke - Vernon Morning Star
    posted Dec 9, 2014 at 12:00 PM

There are more details about what it will cost taxpayers to purchase a railway corridor.

Information released Tuesday shows that of the $22 million price tag for the CN line from Kelowna to Coldstream, the Regional District of North Okanagan would be responsible for $1.9 million.

“The expectation is there will be no impact on taxpayers,” said David Sewell, RDNO chief administrative officer.

The funds will come out of a reserve created in 2005 when Greater Vernon residents agreed to borrow $7.5 million for parkland acquisition. About $7 million remains in the account.

“We are already paying interest so there is no incremental impact on taxes,” said Sewell of the CN land deal.

RDNO’s $1.9 million is based on the property value of the corridor within the regional district.

The District of Lake Country’s share is $5.1 million. To minimize the current tax impact to residents, the municipality may seek public approval to borrow up to 50 per cent of the amount.

“That is a possibility but council has to discuss that further,” said Mayor James Baker, adding that the issue will be considered by council Tuesday and the district may seek to borrow the entire cost.

Lake Country has also entered into an agreement in which the City of Kelowna would acquire a 50 per cent interest in the land within Lake Country on a temporary basis. This would reduce the immediate cost to Lake Country it purchases the share back from Kelowna.

“It makes it a little easier for our tax burden initially,” said Baker.

Kelowna staff supports the deal with lake Country.

“The arrangement alleviates the debt load for the District of Lake Country’s residents, protects the opportunity of all the jurisdictions to finalize the deal with CN and preserves the corridor as a continuous route physically connecting the communities of the central and north Okanagan with no current tax impact for Kelowna residents,” said Doug Gilchrist, divisional director community planning and real estate for the City of Kelowna.

Beyond its assistance to Lake Country, Kelowna estimates its share of the purchase price at $7.6 million. It would be funded from reserves and interim financing with no additional tax increase needed.

All of the participating jurisdictions are also looking at ways to raise the remaining $7.3 million of the agreement purchase amount through grants and partnerships before the due diligence process for purchase ends.

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Monday, December 1, 2014

Coldstream Ratepayers News! All Coldstream residents are ratepayers!

The opinions expressed by "Coldstreamer" are strictly his own and do not represent the opinions of Coldstream Council!

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I have been a resident of Coldstream since 1976. I have had 15 years of experience on Council, 3 years as Mayor. As a current Councillor I am working to achieve fair water and sewer rates and to ensure that taxpayers get fair treatment. The current direction regarding water supply is unsustainable and I am doing all I can to get the most cost effective water supply possible.