Then we can always count on the guidance from those who have always supported Kensington Island Properties and told us about the ‘gift’ from KIP which turned out to be an interest free loan on a water treatment plant we wouldn’t own! https://www.bclocalnews.com/opinion/open-letter-to-union-bay-landowners/
So, you voted these guys in and what did they negotiate? 4 acres of land for the water filtration plant at the same elevation as our existing waterworks. they can’t claim credit for the land for the Firehall because that was negotiated in the Master Development Agreement with KIP .
4 acres of land. KIP promised $17.4 million to the community claiming they would raise the dam, install a water treatment plant, on and on. Was this even possible since we don’t own the land around the lake? Doesn’t matter since it was all bs.
The community got sucked in and here we sit paying for the water treatment plant and 4 acres of land in exchange for providing a monster development with our water – which no one knows what the capacity of the lake can provide. 3354 new doors would certainly make a difference.
This is what happened while we were locked out! An agreement with KIP that was negotiated without the knowledge of 2 of the 5 trustees until they had a draft. Sound familiar. These tools thought they had the right to exclude duly elected officials. Luckily, they were turfed out just a couple of weeks after this pic was taken.
KIP allowed the Water Infrastructure Agreement to lapse. It was KIP’s decision.
Borrowing up to $4 MILLION which will add almost another $2 MILLION in interest totalling $6 MILLION. We still haven’t been advised what the cost is going to be and it appears it will make no difference. This board is going to commit us to an unknown amount of debt without consulting us first.
Remember the first figures provided at the Mar. 2018 Open Houses were wrong. According to the figures below, we would pay back a total of $2,054,160. Wouldn’t that be a great deal – borrow $2 Million and it only costs $54,160 in interest over 20 years. Remember, this person is handling all the finances…