If waterfront land is purchased how will my property taxes be impacted?
The current 20 year borrowing rate per the Municipal Finance Authority is 4.61%. Rates have been steadily rising over the past year. The earliest period for the next borrowing is the Spring Borrowing session which occurs in March/April 2023. As such, we have prepared what the potential borrowing costs could look like if interest rates stay the same, or rise by 0.5%, 1% or 1.5% between now and that date. We have also included 3 potential principal amounts for illustrative purchases. We have assumed a 20 Year Long Term loan and an approximate amount of $165,000 of additional tax dollars based on a 1% tax increase which was the approximate amount in 2022
If the referendum is successful how long will Council have to purchase waterfront property?
If the referendum is successful Council will have 5 years from when the bylaw goes into effect to purchase land. After 5 years the bylaw will be repealed.
Has waterfront land already been selected?
No waterfront land has not already been selected. As properties become available, staff will provide the required information to Council for consideration.
Will a boat launch be part of the waterfront acquisition?
Depending on the property purchased as well as zoning regulations. It will be the decision of Council how the property would be used moving forward as a community amenity.
On which lake would the waterfront acquisition take place?
Properties of interest have not yet been identified. If a purchase opportunity were to come up, Council would consider either Wood Lake, Kalamalka Lake or Okanagan Lake.