The District of Saanich says the $5.5 million purchase of land from BC Hydro is in efforts to meet the needs of the community and capitalize on future opportunities.
The 2.23-hectare parcel of undeveloped land, which includes one abandoned home, is near the intersection of Kings Road and Richmond Avenue.
The district says the land consists of three addresses; 1843 and 1845 Kings Road and 2661 Richmond Avenue, and is covered in grass, trees and shrubs, with Bowker Creek running along the southwest border of the site.
“Council heard from residents that this property is a crucial part of their community,” Acting Saanich Mayor Karen Harper said in a statement.
“We are thrilled to be able to respond to these needs. Work is now underway to develop a fundraising process to cover a portion of the purchase cost, in order to remain fiscally responsible.”
BC Hydro owned the property since 1958 and the District says the corporation “recently determined it is surplus to its needs.”
A Mayor’s Standing Committee has been created to develop and implement a fundraising plan, coordinate fundraising efforts within the community and provide recommendations to Council on financial contributions from other local governments.
The district says if council is unable to raise funds to offset the incurred debt, Saanich plans to unload a portion of the property to recuperate part of the cost.