LACOMBE- At the regular council meeting on Tuesday, Lacombe City Council passed a bylaw to fund the construction of water, wastewater and intersection upgrades to lands in the West Area Structure Plan.
"The bylaw proposes to borrow just over $6.6 million dollars with a repayment schedule of 30 years," said Mayor Steve Christie. "Almost $4 million will be recovered from future offsite levy payments as the west area land, located on the City side, is developed. The City will be responsible for covering the borrowing costs until this development happens."
Funding for the extension of water and wastewater mains to the lands located within the West Area Structure Plan was included in the City’s 2017 Capital Budget.
The City signed funding agreements with Lacombe County earlier this year to extend services to County lands west of the QE2 Highway.
The developer has begun the process of moving forward with development of these lands as a result of the proposed extension of the water and wastewater mains.
In order to facilitate the development, Council has agreed to move forward with intersection upgrades at Highway 12 and 76 St. and is contributing $2,631,000 for the work.
"The total cost of the project is $15,175,600, with $5,834,400 coming from Lacombe County and $2,202,000 coming in immediate offsite levies from the developer," said Chief Administrative Officer Dion Pollard. "A further $520,000 will come from the City’s reserves."
The balance of the project cost – $6,619,000 – will come from long-term borrowing.
(Gary McKinnon - The City of Lacombe)
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