An impending alternative approval process would allow the Capital Regional District to borrow $32.3 million to purchase a piece of land adjacent to the Sooke Lake Reservoir.
The CRD plans to purchase 1,973 hectares from the Kapoor Lumber Company, funded through a long-term debt to be paid by water users over a period of several years.
Kapoor is a family business involved in sustainable forest management since the 1920s and long recognized for its commitment to environmental stewardship. As part of the agreement, the company would continue to sustainably manage the property until September, when the CRD would assume ownership.
The land would secure control of the primary access route to Greater Victoria’s principal water supply reservoir and secure land that will be required for future water supply infrastructure. The goal is to safeguard the public drinking water supply by reducing the risk of trespass, human-caused contamination and wildfire. It will also allow the CRD to extend the corridor of protected green space from Sooke Inlet to Saanich Inlet and improve environmental biodiversity and connectivity across watersheds and the larger landscape.
Debt repayment is planned over 15 years but could be up to a maximum of 30 years with the projected impact on water rates at six cents per cubic meter – about $14 per year for an average household.
At its meeting held Jan. 8, the Capital Regional District board gave third reading to the bylaw that would allow borrowing to buy land for the purpose of supplying water within the Water Supply Local Service Area.
Through an AAP, the board can adopt the bylaw if less than 10 per cent of electors submit a signed elector response form indicating the board must obtain the assent by referendum. The form will be available when the statutory notice is published on May 22 and the response period closes June 30 at 4:30 p.m.
The results will appear at the board on July 9 for potential adoption of the bylaw.
