How Will We Fund this Project?
Construction of the new water treatment system is estimated at $110 million. While at least 74 per cent will be paid by reserves and grant funding, the Comox Valley Regional District (CVRD) must borrow up to $29 million to pay for the remaining share of costs of the project. The CVRD is actively working with the provincial and federal governments to secure grant funding to offset at least 50 per cent of the total project costs.
Project Funding Structure
Only those connected to the Comox Valley Water System will be responsible for paying for the new system, at an average cost estimated at $86 per household per year.
Not Sure if You are Connected to the Comox Valley Water System?
Please click to expand the map below and find out if your community is included in the Comox Valley Water System. Only those connected to the system will have their rates affected.
In March 2018, the CVRD launched an Alternative Approval Process (AAP) to ask residents if they opposed the borrowing of $29 million in project costs that are not expected to be covered by reserves or grant funding. Those who did not support the borrowing were able to complete an electoral response form indicating their opposition. From February 1 to March 16, 2018 the CVRD received 31 responses from residents who opposed the borrowing. As the number of residents opposed was fewer than 10% of the electorate, the CVRD can proceed with borrowing the necessary funds.
For more information on the AAP process please read our news release.