As part of the Squamish-Lillooet Regional District assuming ownership, operations and maintenance of the debris flow flood measures from the Britannia Beach Oceanfront Developments Corporation, a new reserve fund bylaw has been created and adopted.
The SLRD board has been in the process of assuming the ownership and responsibility of debris maintenance from Macdonald Development’s Oceanfront Development since last year. The development is expected to require the debris management and mitigation measures such as a net, before it can move forward.
At the June 26 meeting, the board approved the reserve fund that requires Oceanfront Developments to make a one-time contribution of $285,000 as well as 80 per cent the developer's annual share for 2019. It will also provide annual funding for the service.
The fund will be used for operation and maintenance costs of debris flood works and debris removal for a 50-year event. The reserve fund allows the service to build up money in the case that a 50-year event happens before the service tax accumulates over the next 23 years.
