North Saanich to sell Panorama recreation centre to CRD for $10
To avoid increasing user fees at the Panorama recreation centre, the District of North Saanich, B.C., is hoping to sell the 6.4-hectare property to the CRD for just $10.
North Saanich council confirmed its intentions to transfer the land to the CRD, which has leased the rec centre in the past, at a meeting on Monday.
Under new accounting standards, Panorama's operators would need to come up with a financial reserve over the term of its lease by raising user fees to cover any needed repairs or replacement.
“That would have put a burden on the leasers, the CRD, to put away pretty significant funds over a short period of time to cover that,” said North Saanich Mayor Geoff Orr.
“You can imagine that putting funds away over 80 years is a much better way to spread that out than trying do it over five years."
The land transfer is still subject to public input.
If approved, the district would also reserve the right to buy a portion of the property back for $10 if it wishes to build a library.
North Saanich would retain the right of first refusal, and the land transfer agreement would also include a covenant restricting the land use to parks and recreation purposes.