Lacombe Council passes borrowing bylaw for Henners Heights

$1,820,000 to be paid through off-site levy on developers

Jordan Thompson/City of Lacombe Director of Planning and Operations

The City of Lacombe passed a borrowing Bylaw which will allow for the development of Henners Heights.

The total borrowing amount of Bylaw 460 is $1,820,000 and will carry both interest and principal payments with semi annual payments. The annual debt servicing cost will be approximately $107,000 per year at the current interest rates of 3.236% at 25 Years amortization.

“Council voted in favour of passing a borrowing bylaw which allows the City to fund an important infrastructure project on the north end of the City of Lacombe,” Jordan Thompson, director of Planning and Operations, said. “That project being the Henners Pond Outflow project, which will allow for the development of Henners Heights, as well as Charis Village beyond it’s current phase.”

Currently, Charis Village has begun Phase 1 of their plus 55 housing project, but further developments in the expansive area required an outflow to be build before permits could be issued by the City.

There was some concerned, as expressed in Council’s ‘Coffee with Council’ minutes, that the City was borrowing in a way similar to the development of Lacombe Market Square, however Thompson said this is not the case.

“The debt borrowing is the mechanism in which Council can access the capital to pay the bill. Over time, there is the off-site levy which the City collects from Henners Heights and any other area that benefits from that outlet. This is from developers. The developers will pay a fee when they propose to develop land and a portion of that fee will go towards paying back this borrowing,” he said.

The project is slated to be completed early next year, meaning that permits can then be issued. Thompson expects — due to the large size of the property — that development will take place upwards and beyond 20 years to fully develop.

todd.vaughan@lacombeexpress.com

Just Posted

Blackfalds RCMP seeking information on activities of stolen Fountain Tire Truck

Blackfalds RCMP recovered truck following earlier collision and car-jacking

MNP Canada Games Torch Relay coming to Lacombe

Torchbearers will carry the torch on a 4.64 km loop around Cranna Lake

Blackfalds RCMP on scene of school bus collision and car jacking

RCMP are looking for a silver 2012 Mitsubishi Outlander with Alberta license plate BNR655

Oil and Gas researcher Vivian Krause to speak in Lacombe

UCP fundraiser brings in researcher claiming to expose dirty American lobby money in Canada

2-for-1: Total lunar eclipse comes with supermoon bonus

On Sunday night, the moon, Earth and sun lined up to create the eclipse, which was visible throughout North and South America

$20K pay gap between women, men in Canadian tech jobs

The report defines tech workers as people either producing or making extensive use of technology, regardless of industry

Catholic student says he didn’t disrespect Native American

Many saw the white teenagers, who had travelled to Washington for an anti-abortion rally, appearing to mock the Native Americans

Top Canadian athletes inducted into the Canada Games Hall of Honour

Athletes doing incredible things for communities are inducted into Hall of Honour, says Games CEO

New Canada Food Guide nixes portion sizes, promotes plant-based proteins

Guide no longer lists milk and dairy products as a distinct food group

Red Deer RCMP arrest man after truck collides with six vehicles

No one was injured and the male driver was restrained by a nearby resident until police arrived

Liberals look to make home-buying more affordable for millennials: Morneau

Housing is expected to be a prominent campaign issue ahead of October’s federal election

Blackfalds welcomes Canada Winter Games Torch Relay

Canada Games run Feb. 15th to March 3rd

Most Read