The Squamish Oceanfront has been given the best chance to move from a vision created by the community to reality. This project will transform us into an oceanfront community. The investment of time, community engagement, and finances to date have resulted in a Sub Area Plan that ensures one third employment lands, one third residential and one third park and green space.
The major community amenity will be waterfront access around the perimeter with a public park and beach across the whole southern end. The commercial zone will provide a village-like atmosphere at the south east corner at the entrance to the Blind Channel. The employment lands also include an education and a light industry zone.
The investments to date have created this sub area plan as part of our Official Community Plan and moved the rezoning to second reading. We have now agreed to sell the land to Mathews Southwest Bethel who have the experience, expertise, and resources to move forward and continue to develop the property to completion. They will not be able to subdivide the land until they have completed the remediation of the contamination. The first step in this process is the further investment of $5 million by MSB to create the waterfront park.
This construction of the park will commence immediately upon completion of the sale in April 2015. MSB will provide a $1 million down payment this summer and the remainder of the $15 million sale in April upon removal of the subjects of the sale.
This $15 million payment will entirely pay off the approximately $11 million debt that has been invested to bring the project. In addition to this payment, the sale includes the district retaining a 25 per cent interest in a limited partnership with MSB.
This arrangement completely removes any responsibility of the taxpayers of Squamish for either the existing debt or any further financial commitment to the project.
There are several conditions on the sale: The district’s updated Development Cost Charge (DCC) bylaw, Latecomers Agreement, Community Amenity Contribution (CAC) Policy as well as a tax incentive bylaw to apply to the SODC lands. These projects are well underway and will be completed in good time once they have proceeded through the standard public process. The infrastructure required, for the on-site construction is the sole responsibility of MSB.
The greater community infrastructure projects and amenities that are required will be financed by MSB. The reimbursement of these costs won't come from taxation, but from DCCs and CACs of other developments that benefit from them.
The transaction of this land sale is in the best interest of our community and the only way to deliver the community’s vision for our oceanfront
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