The City of West 麻豆精选 is finalizing its long-term borrowing plans for the Rose Valley Water Treatment Plant and Transmission Mains Project.
Now that the project has been completed on budget at $75 million, property owners in the Rose Valley Water Local Area Service are being notified about how to pay their share of the costs. Property owners in the service area will be receiving a letter shortly explaining the repayment options.
The first option is to do nothing. In this case, customers鈥� share of the project debt will automatically be added to their annual property tax bill starting in 2026. For most properties, that amount will be around $181 per year, based on the current interest rate of 4.02 per cent.
This is slightly higher than the $150 figure noted in 2020, which was based on a lower interest rate of 0.91 per cent. The final yearly amount will depend on the interest rate at the time of borrowing and how many property owners choose this option. The repayment period is 25 years.
The second option is to prepay the share of the cost in one lump sum of $2,750. Payments must be made to city hall (3731 Old Okanagan Highway) before the May 31 deadline. After that date, prepayment is no longer available, because the city must finalize borrowing arrangements with the Regional District Central Okanagan, the B.C. Ministry of Finance, and incorporate everything into the 2026 municipal budget.
Payments can be by cheque, cash, or debit. The city does not accept credit cards, and online payments through financial institutions are not available for this specific one-time payment.
The prepayment amount of $2,750 is lower than the $2,815 figure shared in the 2020 notice as there are now more properties in the service area, which spreads the cost more widely.
Questions can be directed to ub.finance@westkelownacity.ca or by calling 778-797-8850 and leaving a message. Call volumes may be high, however, staff will return calls as quickly as possible. cbn
