The Capital Regional District (CRD) is about to purchase the Panorama Recreation Centre property for $10 after North Saanich council approved the transfer.

On Monday, May 2nd, North Saanich Council confirmed its intention to transfer the land on which the Panorama Recreation Centre sits to the CRD.

Before the 6.4-hectare piece of property in transferred, a notice of disposition will take place, which gives the community an opportunity to express its support or opposition.

North Saanich Councillors had agreed to the land transfer in principle during an in-camera meeting on April 11th.

According to the municipality, the decision was made after changes in accounting standards for all levels of government in Canada.

The district leases the property to the CRD to operate the facility, and the lease agreement would mean the recreation centre would be considered retired at the end of the lease term. That would require the facility to raise user fees now to fund the future obligations.

“By transferring the Panorama property to the CRD, the District of North Saanich is providing the CRD security of land ownership associated with their facilities and avoids having to increase user fees to fund the reserve,” reads the new release.

A covenant would be put on the land to restrict use to parks and recreation purposes.

The terms of the land transfer agreement states for the next 20 years, the district has the option to buy back some of the undeveloped property to build a public library for $10.

The district also retains a Right of First Refusal on any part the property for $10.

The matter will be back before council on May 16th.

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