White Rock council has repealed the bylaw authorizing the city to incur $6 million in long-term debt to help pay for the waterfront parkade.
According to a report presented to council Monday, “the borrowing is no longer needed” because community amenity contributions (CACs) received from ongoing development projects in the city have covered the amount.
In her written report, financial services director Sandra Kurylo said that, as of Sept. 24, “sufficient CACs have been received to meet all 2018 budgeted commitments, including fully replacing this long term debt as a funding source for this project.”
The report was received without discussion, and council subsequently voted to repeal the original borrowing bylaw, adopted in July 2017.
The four-level parking structure at Victoria Avenue and Vidal Street – which was met with public opposition during the planning and public-hearing process – was budgeted at $12.5 million when approved in its final form November 2017.
Original plans were to finance it through long-term borrowing and CACs, plus temporary ‘internal’ borrowing and some reserve funds.
Projected costs for the project were since pegged at $10,353,077 last January.
It is to provide more than 180 parking spaces, including seven electric-vehicle spaces.