The Ministry “supports the transfer of improvement district services to a regional district when there is local support to do so”. Improvement District Trustee’s Manual 2012, page 35.
The Ministry states; “A time may occur when there is a..need to access capital infrastructure grant programs not available to Improvement Districts” page 35. That time is now, a $4.2 million Water Treatment Plant is being built ~ paid for by 690 households!
There is funding available from the government of $10,000 to $25,000 to do a study of the pros and cons of becoming a service area CVRD.
When Union Bay merges with the Regional District the CVRD “is obligated to ensure the funds collected from the landowners of the former improvement district, are used only for the purpose for which they originally collected.” page 35. CVRD will not keep “our $$”
Union Bay can also access Municipal Financing which is 2% below prime. In five years Union Bay will have paid $566,640 in interest alone repaying the bank for the $3.5 million we borrowed at 3.49% over 25 years. Total interest paid is over $2 million!
VOTE: Paul HEALEY and Hein VANDENBERG
UBID Election Days:
Tuesday April 9 and Saturday April 20~9 to 6pm
VOTE 4 $aving Union
Bay $ by joining CVRD
Improvement District Annual General Meeting
Thursday April 25 –
7pm Union Bay Hall
This is the only meeting since 2018 where landowners are “allowed to ask questions and it takes place after the election !?
~ Union Bay’s taxes are kept in a separate account. CVRD can not use any UBID monies, not one penny!
~ All the conditions the Ministry set have been met: wait until October 2018 Municipal elections are past and the Water Treatment Plant is “well underway. The Ministry has already contacted Union Bay to say we can proceed.
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.