Union Bay Pandemic Style

2020 has had its challenges, with one resigned trustee, one “retired” CAO, a postponed AGM, a postponed election of three trustees and a pandemic.

The landowners now owe at least 4.2 million dollars for a new (and much needed) Water Treatment Plant. The interest costs are additional hundreds of thousands of landowner dollars.

What about loans and municipal financing? The CVRD received almost 78% of the building cost for their WTP in grants and municipal financing! Union Bay Improvement District does NOT qualify for help.

That is why we are having the governance study done. Stay tuned, it should be released in the near future. Then we can make some informed decisions regarding UBID’s fiscal future and the risk management of infrastructure debt and future capital projects.