Borrowing
Council directed administration to prepare a borrowing bylaw for $8 million with a 10-year term, based on a current rate of 2.03 per cent for the next council meeting.
Most of council was in agreement that it would be a proactive solution for the town to secure some a portion of the total $19.8 million that the town needs to borrow for the bridge north arterial road project.
Coun. Morgan Nagel was the lone vote of opposition against the borrowing bylaw.
“It hits a chord with me because I know a one to two per cent interest rate hike this summer is (unlikely),” said Nagel, emphasizing that “overnight hikes” play out incrementally – a quarter or half per cent at a time.
He does not believe that borrowing money ahead of when it is needed is the best course of action.
Coun. Gaynor Levisky commended administration for having “good planning” and highlighted that taxes and debt are not always a bad thing.
Council largely viewed the decision as a potential cost savings with little to lose, based on the assumption that interest rates will rise by a full per cent by next year.
In total, $19.8 million in borrowing will be required in 2019 to fully finance the bridge. If $8 million is borrowed now, the town will be at 52 per cent of its approved debt limit.
Medieval Day
Mayor Ivan Brooker proclaimed July 22 as the second annual Medieval Day at Monday night council.
The family festivities will be held at the Cochrane Public Library throughout the day.
Southbow Landing
A public hearing for the land-use redesignation of the future south Cochrane development of Southbow Landing was held at council.
The developer highlighted the need for an employment centre and commercial component for the existing residents living on the south side of the Bow River in such communities as Riversong, River Heights, The Willows and Riviera.
Willows resident Lyle Balmer implored council to ensure James Walker Trail is developed in a timely fashion to prevent traffic snarls. He indicated he is largely in favour of the development.
The neighourhood plan for Southbow was approved in 2015. The community could take upwards of 15 to 20 years for full build-out.
Rivercrest
A public hearing was established for land use of the Summit of River Heights on July 10; the neighbourhood plan was approved by council in March.
Accessory buildings
Council moved forward with a bylaw that would prevent secondary buildings from creating a negative “massing” impact on neighbouring properties.
The new bylaw reduces maximum accessory building heights to 4.6 metres from 5.5 metres and a maximum of one-storey in most districts. A maximum building height of 4.0 metres was set for all accessory buildings with a flat roof.
