Bylaw 1224 to authorize the transfer of money from the park acquisition reserve fund to the capital projects reserve fund was given second and third reading at Gibsons council on Nov. 17.
The next day, director of finance Ian Poole made the official request for approval of the transfer to Community, Sport and Cultural Development Minister Peter Fassbender.
Gibsons resident Judith Bonkoff questioned the transfer of funds during an inquiry period.
“By depleting this fund, we are getting rid of our parks acquisition fund. How long will it take us to save that money again?” Bonkoff asked.
Mayor Wayne Rowe clarified that the fund itself isn’t being dissolved and will continue to operate as it always has.
“There’s a development up on Reed Road at the end of Aurora Way,” Rowe said. “Part of what they have to do is provide either parks or funds – I’m not sure how that’s going to unfold yet – but there will be funds that will continue to come into the park fund.”
Bonkoff brought up the point that a large portion – $275,000 – of the fund has been earmarked for the Gibsons Public Market. She questioned how that could be considered a park.
Rowe responded by saying that since the money is going into the capital projects fund it could then be spent on any capital project, which is applicable to the market.
Bonkoff also asked if the George Hotel and Residences would be making a contribution, but since the George is not a subdivision it is exempt from paying into the parks acquisition fund.
The parks acquisition fund was created in 1989 as an alternative for subdivision developers who are required to either include green space in their development or pay into the fund. Although money in the fund has been collecting interest for the last 26 years, none has ever come out, according to Poole.
“There have only been a few contributions through the years from developers – the rest of it has been accrued through interest because the money has just been sitting there. There has never been any money spent out of that fund,” Poole said.
The motion to give the bylaw second and third reading was made by Coun. Silas White, seconded by Coun. Charlene SanJenko and carried by all attending council members. Coun. Jeremy Valeriote was not in attendance.
Gibsons’ committee of the whole meets again on Dec. 1 at 1:30 p.m. followed by council at 7 p.m.
