I am writing re the financial analysis of the 13610 Banks Crescent (Bristow project) that was presented to council at the June 23 meeting.
The title in the June 23 agenda was Financial Analysis, but really as the title of the report stated, it was a revenue analysis only.
To be completely open and honest, there should have at least been mentioned that there are several costs the town will incur that must also be included in any financial analysis. I would have thought that our CAO, being a Certified General Accountant would have insisted that there was at least mentioned in the report that there were costs items also to be considered.
The costs items to be considered, to list just a few of them are:
• Upgrading Solly Road and Latimer. (If it is not done now, it will most certainly have to be done in a few short years)
• Redo all of the driveways on Latimer (re sloping, etc.) so that those living on the street can get in and out of their driveways
• Upgrade to our water and sewer systems. 380 or 390 condos with probably at least two people to a unit is a lot of showers being taken, dishes being washed, and toilets being flushed.
• If Fortis determines that our possible daily maximum consumption is higher than it is set at today, I believe everyone in Summerland will have to pay higher electrical fees.
These are just a few of the major costs to be considered. Others questions that need to be asked:
• Will our fire department have to be upgraded with additional paid staff and equipment?
• Will ambulance and police services have to be increased?
These are all costs that will have to be paid for by the citizens of Summerland.
We need to look at and present the full story here so that our elected officials can make a fully informed decision.
One last point, on the potential revenue that was presented, this is counting on the assumption that all units are sold and actually occupied. That may take years to come to fruition if ever at all.