CITY OF REVELSTOKE
BY-LAW NO. 1305, l986
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A By-Law to establish a specified area for the purpose of revitalization of an area within the downtown core of the City of Revelstoke and to authorize the borrowing of funds necessary thereto.
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WHEREAS Division (2) of Part l6 of the Municipal Act being Chapter 290, R.S.B.C. l979 and all amendments thereto, provides Council with the authority to establish areas for the financing of works therefore;
AND WHEREAS it is deemed expedient to have certain works undertaken to contribute to the beautification of the downtown core of the City of Revelstoke;
AND WHEREAS the Council of the City of Revelstoke has, under the initiative plan, in compliance with Sections 656 and 657 of the Municipal Act given one month's notice by way of publication and mailing of such notice to the owners of parcels liable to be specially charged that it intends to undertake the "Works", as provided for in Section 674 of the Municipal Act;
AND WHEREAS a majority of the owners representing at least one-half of the value of the parcels which are liable to be specially charged, have not presented a petition against the proposed "Works" being undertaken and have no objection to contribute to the beautification and improvement of the downtown core of the Municipality;
AND WHEREAS the cost for such "Works" is estimated to be One Million, Eight Hundred and Thirty-Two Thousand, Nine Hundred and Fifty Dollars ($l,832,950.00).
AND WHEREAS the amount of debt to be created by this By-Law is One Million, Two Hundred Thousand Dollars ($l,200,000.00).
AND WHEREAS financing of the proposal shall be carried out in part through a loan from the Provincial Government under Downtown Revitalization Program and Special Appropriation Act and the Municipal Finance Authority of British Columbia.
AND WHEREAS the amount of the assessed value for the municipality for general purposes of the taxable land and improvements for the current year and for each of the two years immediately preceding the current year were:
l985 $l9l,095,833.00
l984 l98,0l0,049.00
l983 l98,823,7l3.00
AND WHEREAS the amount of the assessed value for the Specified Area for general purposes of the taxable land and improvements for the current and for each of the two years immediately preceding the current year excluding residential, were;
l985 $l5,588,250.00
l984 l6,796,550.00
l983 l6,676,650.00
AND WHEREAS the depreciated value as at the 3lst day of December, l984 of utility systems and other municipal enterprises for which the municipality possesses subsisting certificates of self-liquidation granted by the Inspector of Municipalities was Six Million, One Thousand Eight Hundred and Nine Dollars,
($6,00l,809.00).
AND WHEREAS the amount of the authorized debenture debt of the Municipality is
Three Million, Two Hundred and Eight Thousand, Eight Hundred and Twenty-Four
Dollars and Sixty-Eight Cents ($3,208,824.68) as at December 2, l985, of which
Three Million, Two Hundred and Eight Thousand, Eight Hundred and Twenty-Four
Dollars and Sixty-Eight Cents ($3,208,824.68) is existing outstanding
debenture debt and none is authorized and unissued and none of the principal or interest of the debenture debt of the municipality is in arrears;
AND WHEREAS the maximum term for which debentures may be issued to secure the debt created by this By-Law is twelve (l2) years;
By-Law #l305, l986
Page 2
NOW THEREFORE the Council of the City of Revelstoke in open meeting assembled enacts as follows:
l. The Council of the City of Revelstoke is hereby empowered and authorized.
(i) to establish a SPECIFIED AREA hereinafter referred to as the "Revelstoke
Community Specified Area" and such area shall be comprised of that tract
of land more particularly described in Schedule "A" and outlined in heavy
black line on Schedule "B" which are attached to and form part of this
By-Law.
(ii) to undertake and carry out or cause to be carried out improvements in the
Specified Area consisting of "crosswalk and intersection features and
boulevard treatment" being ornamental street lighting, sidewalks and
landscaping, and to do all things necessary in connection therewith and
without limiting the generality of the foregoing;
(a) to borrow upon the credit of the Municipality a sum not
exceeding One Million, Two Hundred Thousand Dollars
($l,200,000.00) and in connection therewith to enter into
an agreement with the Province of British Columbia under the
Downtown Revitalization Program pursuant to the Special
Appropriation Act for the term financing of all or a portion
of such sum;
(b) to acquire all such easements, right-of-way, licenses rights,
or authorities as may be requisite or desirable for or in
connection with the construction of said "Works".
2. The cost of providing improvements in the Specified Area in excess of that
required for the area, in the amount of One Million, Two Hundred Thousand
Dollars ($l,200,000.00) shall be borne by the Municipality.
3. The cost of providing the remainder of the "Works" in the amount of Six Hundred
Thousand Dollars ($600,000.00) shall be borne by the owners of the land in the
said Specified Area and a sum sufficient therefore shall be recovered for such
period of time as is necessary by the imposition of a tax rate on assessment
for General Purposes to be imposed under the provisions of the Municipal Act.
4. That the Council may extend the boundaries of the "Specified Area" and may
merge two or more specified areas as provided for in the Municipal Act.
5. The works shall be maintained and kept in repair by the benefitting owners
and any annual expense incurred thereby shall be at the cost of said owners.
6. This By-Law may be cited for all purposes as "City of Revelstoke Community
Revitalization Specified Area Establishment and Loan Authorization By-Law
No. l305, l985."
READ A FIRST TIME THIS 5th DAY OF DECEMBER , l985
READ A SECOND TIME THIS 5th DAY OF DECEMBER , l985
READ A THIRD TIME THIS 5th DAY OF DECEMBER , l985
I hereby Certify that the foregoing is a true and correct copy of City of Revelstoke Community Revitalization Specified Area Establishment and Loan Authorization By-Law No. l305, l986 at Third Reading.
_____________________________
CLERK
By-Law No. l305, l986.
Page 3
RECEIVED THE APPROVAL OF THE INSPECTOR OF MUNICIPALITIES ON THE llth DAY
OF FEBRUARY , l986.
RECONSIDERED AND FINALLY ADOPTED THIS DAY OF , l986.
_____________________________ ___________________________
MAYOR CLERK
I hereby certify that the foregoing is a true and correct copy of "City of
Revelstoke Community Revitalization Specified Area Establishment and Loan
Authorization By-Law. No. l305, l986.
____________________________
CLERK
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