Victoria, BC – The Capital Regional District Board has voted to acquire a 10.8 acre property owned by the Queen Alexandra Foundation for Children, legally described as Lot 1, Section 44, Victoria District, Plan 14502, for the reduced amount of $6,500,000. The land is located in east Saanich at the corner of Arbutus Road and Finnerty Road.
“The purchase price of $6.5 million dollars reflects the recent slowdown in the real estate market and represents a $600,000 saving over the original purchase price offer, made in April 2008,” said CRD Board Chair Geoff Young.
The CRD has acquired the property for the potential of developing secondary sewage treatment facilities on part of the site, but stresses that no firm decisions around locating any kind of plant on the property have been made.It is clear that a Saanich East option will need to be considered.
“The CRD will review the establishment of a covenant, suggested by the Cadboro Bay Residents Association, that commits to interim preservation of urban forest land,” said Core Area Wastewater Treatment Committee Chair Judy Brownoff. “The covenant requires that discussions on the future of these lands be held in public, and through a public consultation process.” In the site design of any potential facility, the CRD would further undertake to preserve as much forest land as possible.
The land is currently zoned as residential and the Queen Alexandra Foundation was anxious to sell what it deeded as surplus lands, in order to aid funding their commitments to initiatives for children.
If sewage treatment facilities are not required at the site, the CRD will work with the Municipality of Saanich to designate the land for another use.
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For further information please contact:
Sheila Taylor, Manager, Community Relations
Corporate Communications, CRD