Friday, November 11, 2016

Rail trail prompts Coldstream land purchase

by Staff Writer - Vernon Morning Star Coldstream posted Nov 11, 2016 at 7:00 PM— updated Nov 11, 2016 at 8:07 PM
Coldstream insists a land purchase allows it to prepare for the future. The district has a tentative deal to acquire two acres on Kalamalka Road, between Dutch's Campground and the Vernon boundary, for $550,000. “The acquisition of the property at 16506 Kalamalka Rd. will provide a key piece of land in support of the anticipated growth of usage along the Okanagan Rail Trail” said Mayor Jim Garlick. “The economic activity generated by users of the rail trail will benefit Coldstream and the region and we need to be prepared for that. This acquisition better prepares Coldstream for the future.” Trevor Seibel, chief administrative officer, says more information on potential land uses will be forthcoming over subsequent months. The purchase is being funded through existing reserves and short-term borrowing, and the short-term borrowing bylaw will be on Monday's council agenda.
Recommendation: THAT the District of Coldstream Short Term Capital Borrowing Bylaw No. 1689, 2016 be read a first, second and third time by title only; AND THAT the 2016 budget contained in the 2016 - 2020 Financial Plan be amended to reflect the acquisition of property l<'>cated 16506 Kalamalka Road for $550,000 funded from Parks DCC's at RDNO {$200,000), Land Sales Reserve Fund {$100,000) and Short Term Capital borrowing {$250,000).

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