LAKE COUNTRY – The District of Lake Country is looking to borrow up to $2.6 million to pay for part of the defunct CN rail corridor through the community but to do that it needs the approval of voters. Council voted Friday to go ahead with an alternative approval process (AAP) to get that permission.
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The AAP requires at least ten per cent of voters to disapprove in order to block the borrowing. That outcome might send the matter to a referendum. Otherwise, the municipality can go ahead and borrow the money. Those who oppose can sign an Elector Response Form. The deadline to submit a signed form to the office of the corporate services manager is noon on February 23.
If Lake Country goes ahead with the borrowing, it is expected to add $27 dollars to the average home’s property tax for about 20 years.
The district’s mayor defends the use of an AAP rather than a referendum to get voter approval for the borrowing.
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Lake Country is looking at taking on this debt in order to pay for half of the former rail line that runs through the district. Kelowna will be putting up the other half of the cash. The plan is for Lake Country to eventually purchase back Kelowna’s stake in the Lake Country portion of the corridor.
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