Letter from B. Reems, CRD Re: Bylaw No. 4142
A letter requesting municipal consent for a regional parks loan authorization bylaw to complete the E&N Rail Trail.
January 30, 2017 File 3900-03
Ms. Sarah Jones Director of Corporate Administration Town of View Royal 45 View Royal Avenue Victoria, BC V9B 1A6
Dear Ms. Jones:
RE: Bylaw No. 4142, Regional Parks Loan Authorization Bylaw No. 1, 2016
Attached is a copy of CRD Bylaw No. 4142 at third reading. Please place this Bylaw on your next Council agenda with a request to give consent to the adoption of the Bylaw in accordance with Section 346 of the Local Government Act.
The purpose of the Bylaw is to authorize the borrowing of up to $6.1 Million in order to complete the E&N Rail Trail — Humpback Connector by 2019. The estimate cost to service the debt over 15 years will be approximately $507,316 per year. The estimated annual cost per $100,000 of assessed value for this debt is $0.51.
As background, please find attached staff reports to the CRD Board dated November 30 and November 9, 2016, and a staff report to the Regional Parks Committee dated October 19, 2016.
If you require additional information prior to forwarding this request to Council, or if you wish to have CRD staff present when Bylaw No. 4116 is presented to Council, please let me know.
Yours sincerely,
Brent Reems Senior Manager Legislative and Information Services T 250.360.3128 F 250.360.3130 E breems@crd.bc.ca
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