Read the UBID Water Treatment Plant Executive Summary detailing how much we will pay in interest charges. This information is critical to all of you! Landowners are expected to have this information BEFORE they vote on April 9 and April 20 as well as before the Annual General Meeting April 25, 2019. The Summary cost landowners $9000 to produce and when public funds are spent for a report, the report must be released in full
The Bad News: Interest we will pay in 5 years is $566,640.00 with $3 million dollars still owing! By the end of 25 years landowners will have paid over $2,266,260 in interest alone.
More Bad News: We did not need to pay those interest charges!
The Good News: We can become a service area of the CVRD and be eligible for infrastructure grants and municipal financing which is 2% below prime. Imagine paying only 1.49% interest rate instead of the 3.49% quoted in the summary. A huge savings in borrowing costs.
More Great News: We have fulfilled the Ministry requirement of waiting until after the October 2018 Municipal Elections as well the Water Treatment Plant is “well under way”. Nothing is holding us back from proceeding with the letter to do a study of the pros and cons of becoming a service area of the CVRD. Union Bay would also become eligible for Infrastructure Grants. For local reference both Cumberland and the CVRD received 75 to 80% in grants alone in 2017 and 2018.