At its regular meeting Tuesday, Council gave three readings to a Loan Authorization Bylaw for Waterfront Property Acquisition. You might be asking – why does the District require financing for waterfront property?

In Lake Country we are surrounded by lakes and the demand for community waterfront property to enjoy recreation, greenspace and water access is continually growing. In 2006 Council adopted a policy to review waterfront properties that come up for sale, to determine if they are a good fit for the District to consider purchasing.

Having adequate financing available for when the right property hits the market is essential in today’s real-estate market. If the right fit comes along, the District must have the ability to acquire adequate financing to make a reasonable offer. Despite having the ability to acquire funds, Council must go through the process of considering a bylaw, getting approval of the electors, and then borrowing through one of the spring or fall borrowing opportunities. It’s not a quick process. Council wants to be in the position to have the ability to borrow funds for when the right waterfront property comes available.

Council knows there are many other important priorities for the community, including roads, road repairs, water, and sewer amongst others, and the decision to acquire waterfront property does not minimize these impending needs. 

Council will continue to provide the community with information as knowing the facts will help electors make an educated and well-informed decision on October 15th. In addition to voting for a new Council, electors will be asked, by way of a referendum “are you in favour of the District of Lake Country authorizing Loan Authorization (Waterfront Property) Bylaw 1187, 2022 to authorize the borrowing of up to $8,000,000 to purchase waterfront property for community use?”