North Saanich council has approved the transfer of the Panorama Recreation Centre property to the Capital Regional District for $10.
Erik Lambertson, communications and engagement manager for the municipality confirmed the transfer price in an email to CHEK.
“That is indeed the price: 10 dollars,” Lambertson said in an email. “The small amount of money reflects the mutual interest of all parties in continuing service for the users of the Centre.”
The next step is to hold a Notice of Disposition process, which gives the community a chance to weigh in on the land transfer.
If successful, the 6.4 hectares of land would transfer to the CRD.
According to a news release, the decision was made due to changes in accounting standards for governments in Canada, requiring obligations arising from the retirement of assets under Public Sector Accounting Standards.
Previously, the district has been leasing the property to the CRD to operate the facility, and the lease agreement would mean the recreation centre would be considered retired at the end of the lease term. The transfer of property provides CRD with the security of land ownership and avoids requiring an increase in user fees.
A covenant would be put on the land to restrict use to parks and recreation purposes.
The terms of the land transfer agreement states for the next 20 years, the district has the option to buy back some of the undeveloped property to build a public library for $10. The district also retains a Right of First Refusal on any part the property for $10.
Laura Brougham
