Langford Council sends Loan Authorization Bylaw through third reading
Posted by insidelangford on January 11, 2008
An Inside Langford editorial
December 27th, 2007 Langford Council held an unusual Thursday night meeting where they acted to bring two bylaws to 3rd reading. These two bylaws serve the construction of the Spencer Road Interchange.
Bylaw # 1147 Local Area Service Establishment and
Bylaw# 1148 Loan Authorization Bylaw
Little notice of that meeting was given to the public. Less notice was given of these bylaws going to third reading; a notice at the entrance to City Hall seen on Monday Dec.31st stated the bylaws were to be given first reading but a call to the office inside found that third reading had already happened.
No media has yet indicated to us that they attended or were invited to attend the Dec. 27th meeting. The lack of public notice and the meeting taking place over the holidays has led to a feeling amongst many that there was not enough opportunity for public input into these two new bylaws. We are concerned about the lack of consultation with the public about two contentious bylaws
Earlier in 2007 the interchange was referred to as The Bear Mountain Interchange; now it has become the Spencer Road Interchange. The city plans to spend $2.4M and to borrow up to $25M more to build the interchange for what they have previously said will solve Langford`s traffic woes. Now Langford is saying that the interchange is only of relevance to a small area and the taxpayers are not to be consulted for borrowing money to build it. Only the five Bear Mountain-related property owners who own property near the interchange will have a say, but all citizens will potentially be on the hook.
Langford’s mayor and council say that there is no risk to taxpayers because the developer will pay the loan back (by the year 2019). It seems the developers are getting the citizens of Langford to borrow the money for them because Langford can get a better interest rate than the developers can themselves. No loan is without risk however, and developments have failed before. If the economy turns there is a chance of default, and if the housing market sours there is the possibility that foreclosure of these largely undeveloped properties will not cover the outstanding loan, and the developers are not being asked to make any repayments until 2012.
Who is benefiting from this project? What good will properties with liens and debt burdens be as collateral for you, the taxpayer? Do you agree Langford should fund this project even as it denies you the ability to have your say? Langford isn`t giving you the chance to let either your assent or opposition be heard!
Whether you support or oppose the interchange, we encourage you to let the mayor and city councillors know how you feel about this unexpected turn of events at the First meeting of the year (Jan.21st, 7 pm, 3rd floor in City Hall).
And we encourage you to let the province know that they have indicated that they will forward $4.9M toward the interchange construction but only $4M is accounted for in the borrowing bylaw; and that you are opposed to a process that is not sufficiently open or transparent and does not consult the citizens of Langford.
