A two-acre parcel of land along Kalamalka Lake is being acquired by the District of Coldstream and the mayor said the property is a key element in the planned growth for the Okanagan Rail Trail.
“This acquisition better prepares Coldstream for the future,” Coldstream Mayor Jim Garlick said.
The district reached a tentative deal to acquire the property at 16506 Kalamalka Road, which comes with a price tag of $550,000.
The district is buying the land from the owner of Coldstream’s Dutch’s Campground.
“He had approached us before and wanted to sell the land to the district with the idea that it would benefit the district and the community,” Garlick said.
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“The economic activity generated by users of the rail trail will benefit Coldstream and the region and we need to be prepared for that.”
Garlick said some of the purchase will be made through the district’s existing land reserves fund and $250,000 will be funded through short-term borrowing.
He said the district hopes to close the deal before the end of the year.