Check Susanna Kaljur’s blog for an update on the Ministry contradicting the false information spread by UBID Chair about becoming a service area of the CVRD.. https://unionbay.news.blog/2019/06/06/ministry-contradicts-chair/
This board and Admin have done everything possible to prevent the landowners from having a say in the future of Union Bay. They refuse to listen to the wishes of the landowners and discarded the petition presented to them in 2016 with over 400 signatures. They have forced us to go into debt with no hope of financial relief and want us to continue as an improvement district paying every cent for any upgrades, governed by those who rule in secrecy and believe they are not answerable to the landowners.
The tables below calculate just the interest we will be paying borrowing $3.5 Million dollars. If you factor in grant money we would be eligible for (80%) according to Trustee Kaljur, we wouldn’t be borrowing any money or paying any interest at all. 80% of $4,200,000 in grant money would leave the total cost to landowners at $840,000 instead of a whopping total of $5,250,917.87. A SAVINGS OF $4,410,917.87!!!!
The figure below is the cost of borrowing $3.5 Million dollars at 3.49% over 25 years as proposed by UBID board and Admin. Total interest will be $1,750,917.87
The figure below is borrowing $3.5 Million dollars at 1.49% (Trustee Kaljur stated the rate would be 2% below prime if we were a service area of the CVRD, so I have deducted 2% from UBID’s figure) over 25 years. Total interest would be $694,399.82
The figure below is borrowing $3.5 Million dollars at 1.49% over 20 years. Total interest would be $549,519.38
Instead of paying $1,750,917.87 in interest, we could reduce the amortization to 20 years and only pay $549,519.38 in interest if we become a service area of the CVRD. Reducing the amortization to 20 years results in the monthly payment being less than what UBID would be paying the Royal Bank. A savings of 1,201,398.49!! That’s just the savings on the water treatment plant. We are going to be facing huge infrastructure bills in the future and we need to make sure we get the biggest bang for our buck.
Conversion is the answer to the unlawful actions taken by this outdated form of government and save landowners millions.