600 Comox Road
Courtenay, BC V9N 3P6
Toll free: 1- 800-331-6007
(including Sandwick residents starting
January 1, 2017)
The approved financing strategy for the construction of the regional office building will be tax neutral to residents. The regional district developed a financing strategy based on redirecting the current lease amount and reserve fund contribution towards the debt repayment. Instead of paying rent with no building asset, the regional district would be paying debt repayments with ownership of a community asset at the end of the term.
The project is estimated to cost 11.7 million dollars based on Class D estimates. It will be funded through a combination of 2 million dollars from reserve funds, 1.5 million dollars of grant funding from the electoral area community works funds, and the remaining 8.2 million through long term borrowing. The 8.2 million would be funded through a loan authorization bylaw approval process with long term debt borrowing for a maximum 30 years to ensure affordability for residents.
From July 6th until August 18th the Alternative Approval Process ran for this project. At the close of the process, on Friday, August 18, 828 eligible elector response forms were received in the service area.
On August 29 the regional district board approved moving forward with the project and adopted the borrowing bylaw. The next step within the project is proceeding with the detailed design and obtaining a Class B estimate. This estimate will be presented to the board and if costs are looking to high the board may decide to withdraw from moving forward. If the Class B estimates come in on track then the board will have another opportunity to withdraw from the project during the tender process if building/construction costs come in to high.