The benefits of introducing development cost charges to protect the Town of Oliver’s aging infrastructure assets is paying off a dozen years later, council heard Monday.
Chief financial officer Doug Leahy reeled off a lengthy list of infrastructure projects funded by DCCs, and said the reserve fund currently has a balance of $1.6 million. Works include:
A $3 million project to upgrade the Veterans Avenue bridge (with 54% coming from DCC reserves) that has not yet started, along with a $400,000 upgrade (40% from DCC reserves) to upgrade Similkameen Avenue.
Just over $200,000 was spent from DCC reserves to partially complete a $490,000 upgrade of Sawmill Road and a $1.95 million upgrade of the Station Street corridor (all funding from DCC reserves), which is partially complete.
Park projects that have been completed since 2007 from 100% DCC funding include a $50,000 upgrade of the East Riverside Oxbow Park, $620,000 upgrade of Riverside Walkway and $60,000 upgrade of the pedestrian bridge access ramps.
A total of $1.7 million in other park development, all from DCC reserves, is ongoing.
Several water projects have been entirely funded by DCC reserves, including $600,000 for a new water supply well and supply main, $100,000 for the Tucelnuit pump addition and $125,000 for a complete cross-river supply main.
And more than $500,000 from DCC reserves helped pay for the $1.6-million cost of universal water metering.
Development cost charges are special levies imposed by a municipality to help pay for the cost of infrastructure enhancements required to service new developments.
Eligible projects are limited to roads and trails, sewer treatment and collection, water supply and distribution, drainage works, parkland and park improvements, explained Leahy.