CRD Land purchase from TimberWest Forest Corp.
The Capital Regional District (CRD) is purchasing more than 9,700 hectares of land from TimberWest Forest Corp. to protect the future of the region’s drinking water supply and to substantially add to the region’s park system.
9,700-hectare land purchase protects future drinking water supply for CRD residents, and adds to regional park system
The agreement involves two separate parcels of land. The land for the water supply is located west of the existing Sooke water supply lands. At 8,791 hectares, the Leech River watershed nearly doubles the CRD’s water supply area. The second parcel, 932 hectares for new regional park land, is located east of the Sooke Potholes Regional Park and is being purchased with support from The Land Conservancy of British Columbia (TLC).
“This is one of the largest, most important land acquisitions in recent BC history. The addition of the Leech River watershed, which can be connected to the CRD’s water supply reservoirs, is a prudent strategic acquisition that secures and protects our future water source,” said Nils Jensen, Chair of the CRD Regional Water Supply Commission. “While the Sooke Reservoir is expected to meet regional water needs for at least the next 15 years, we have taken action that provides a legacy for the future.”
“TimberWest is delighted that our former properties in the Leech River watershed will help preserve the quality of life in the capital region,” said Paul McElligott, president and CEO, TimberWest Forest Corp. “This land transaction is another example of our company’s commitment to work with our neighbours in a socially responsible manner.”
“The new park land is a significant addition to the 7,400 hectares already dedicated to the Sea-to-Sea Green Blue Belt, southern Vancouver Island’s ecological highway of protected, park wilderness connecting Sooke Basin to Saanich Inlet ,” said John Ranns, Vice Chair of CRD Parks Committee. “I would like to thank The Land Conservancy of British Columbia for their financial contribution to this project and its ongoing commitment to help achieve the vision for the regional park system in the capital region.”
“We are pleased to have played a role in adding to the Sea-to-Sea Green Blue Belt,” said Bill Turner, Executive Director of The Land Conservancy of British Columbia. “Helping secure this land is a source of great pride for all of us involved with TLC and builds on our past financial contributions to the purchase of Sooke Potholes and land in the Sooke Hills for regional parks.”
With this purchase the CRD will manage nearly 20,000 hectares of land dedicated to the protection of the region’s water supply. The purchase also allows the CRD to avoid substantial future capital costs of more than $150 million associated with the construction and operation of a new water treatment facility.
The purchase of the land for regional parks will increase the total regional park area to nearly 11,400 hectares. This accounts for approximately 50 per cent of all the protected lands in the capital region.
The transaction is valued at $64.7 million, of which $58.9 million is for the Leech River watershed. It will be funded through an increase in the wholesale water rate that will cost the average household about $23 per year. The purchase price for the second parcel dedicated for park use is $5.8 million, financed by the CRD’s land acquisition fund and a $500,000 contribution from TLC.
The CRD will borrow funds to complete the deal and it will therefore be subject to the assent of the electorate. The deal is expected to close before the end of year.