Council to Decide on Details for Approval Process for Additional Borrowing
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At the April 22, 2024 Council meeting, Council will decide on final details to move forward to seek elector approval through an Alternate Approval Process (AAP) to borrow more funding for the Wastewater Upgrade Project. Cumberland needs to upgrade its wastewater treatment system –a series of recent impacts has caused the estimated cost to increase.
The Village is seeking to borrow an additional $2.5 million to complete the work. The financial impact of this additional borrowing is estimated to be $113 per parcel to be added to property owners’ annual tax levy starting in 2026 for 20 years. This is in addition to the borrowing previously approved in 2018 that will add an estimated $199 in taxes per parcel per year.
Final Council decisions on the alternate approval process (AAP) include the AAP form, the deadline date for electors to submit a form if they oppose the funding, and the number of forms to be received to require a voting on the additional borrowing. AAP forms will be made available at the Village office at on the Village website from the date of the first required public notice, which is expected to be May 1, 2024. Original signed forms must be submitted to the Village office by the deadline.
Find more information about the project at https://cumberland.ca/wastewaterupgrades/.
Read the April 22, 2024 Council meeting agenda at: https://cumberland.ca/meetings/10-2024-r/
More information will be available on the AAP process on April 23, 2024 at https://cumberland.ca/alternate-approval-processes-aaps/.
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