Six local landowners are on the hook for around $450,000 to pave a portion of one road.
Approved by council late last month, the Local Improvement Bylaw will see upgrades made to 49 Avenue from 60 Street to 62 Street, which is currently a gravel road.
It’s expected the total project cost will be $900,000, with the city putting $450,000 forward. The remainder will fall to businesses with adjacent lots.
To cover their portion, the owners will be taxed for 10 years and the total amount, including interest charges, levied annually will be just under $51,100.
The estimated special assessment rate on a prepaid basis is just under $770 per metre of frontage or nearly $875 if it’s not prepaid.
Coun. Linnea Goodhand said there’s a new sense that maybe this way to fund local improvement projects could or should be done.
“Certainly if our bank account was big enough and robust enough that we could pay for everything, we would, but when there’s limited resources, you’re trying to be fair about how you’re using those resources,” she said. “If people who are benefiting could provide some of the economic means to get the project done, I think we have to look at that.”
Goodhand said she suspects the city is going to see more of this type of cost-sharing project come from administration.
The road is located just north of the exhibition grounds.
Up until this spring, the city’s public works depot was located on this stretch. It has since moved to the new Operations Centre.