Sicamous taxpayers are in the process of acquiring some prime Main Street real estate.
At its Wednesday meeting, district council voted in support of borrowing $505,000 through the Municipal Finance Authority for the purchase of property located at 200 Main St.
Couns. Colleen Anderson and Janna Simons were opposed to the borrowing.
The empty, 1.59 acre parcel had been listed on the market at $642,000.
While a use for the property has not yet been determined, Mayor Terry Rysz said council had considered making it park space.
“It just becomes an asset for the community,” said Rysz.
“Council felt it was an opportune time to pick up that piece of land for the better interest of the community. We haven’t designated it as park yet. We originally thought that’s what we’d designate it as, but then we tossed it around a little bit more because of the fact we are now assessing our OCP (official community plan).”
The borrowing agreement supported by council requires the district to repay the borrowed sum over five years at an interest rate of 1.24 per cent.
A staff memo notes this will be repaid through the district’s general taxation revenue, but will not result in a tax increase.
“If we decide to make it a park, or however Main Street develops, councils in the future can decide what they wish to do with it,” said Rysz.