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WV’s police services building a go Council approves financing plan for $36M project
MARIA SPITALE-LEISK mspitaleleisk@nsnews.com
With the financing hurdle cleared this week by council, construction can now officially begin on West Vancouver’s new $36-million police
services building that will adjoin municipal hall. Exactly how West Vancouver is going to pay for the project — $7.7 million to be taken from the district’s Endowment Fund while the remaining $28.2
million will be borrowed from the Municipal Finance Authority — was unanimously agreed upon by council Monday night. The repayment plan for West Vancouver’s 30year loan from the MFA, outlined in the staff report presented to council, is estimated to be $1.44 million annually. Interest from the sale of the 1300block of Marine Drive to
Grosvenor development group will be used to pay down the majority of the debt, with the district also dipping into its general operating fund to cover an additional $399,000 annually starting in 2018. Coun. Craig Cameron figured the financing model was a fair compromise in that it places some of the cost on West Vancouver taxpayers
who will be benefiting from the police building for the next 30 years. Coun. Mary-Ann Booth was equally supportive of the payment structure, saying it strikes a reasonable balance between debt financing and equity financing. “I don’t think as a community we should be afraid of debt. We have very little of it. (It’s) a way
to leverage our assets so that we can accomplish the initiatives,” said Booth. Calling it a “very bitter pill to swallow,” Coun. Christine Cassidy said she had many hesitations with supporting the funding model. “First of all, the monies raised from the sale of the (current) police building SeeWV page 5
Metro keeps an eye on water use JANE SEYD jseyd@nsnews.com
An unusually hot, dry start to the summer, with no rain in sight means officials are keeping a close eye on Metro Vancouver’s water supply. A warm, dry winter that resulted in below-normal snowpack and rainfall has combined with soaring water use across the region as temperatures have risen. “We’re monitoring the situation daily,” said Darrell Mussatto, mayor of the City of North Vancouver and chairman of Metro Vancouver’s utilities committee. Water reservoirs — including Seymour, Capilano and Coquitlam — that serve Metro Vancouver’s 2.4 million residents are currently sitting at about 83 per cent full, which is near the low See Think page 9
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