Village Purchases Residential Property Next to Cultural Centre
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The Village is in the process of acquiring the residence at 3273 First Street, located behind the Cumberland Museum and Archives and Cultural Centre, to increase flexibility for future redevelopment of community facilities in the civic block north of Dunsmuir Avenue. The purchase follows the 2023 acquisition of the residence at 3249 First Street, located next to the public works yard, also to allow for future redevelopment.
These two civic blocks have been identified for future redevelopment to keep up with the demands for community services. The current aging facilities are in need of major renovation or replacement. The short term plan for the newly acquired residence is yet to be determined by Council.
The purchase cost of this property was $860,000, plus associated costs and fees, which will be funded with $465,000 from the Village’s Facility Asset Replacement Reserve. The remaining $400,000 will come from internal borrowing from other reserves and will be repaid over seven years by reallocating part of the annual reserve contribution originally earmarked for the Village Facility Asset Replacement Reserve. Interest on borrowed funds will also have to be repaid using property taxes. Council will confirm the repayment schedule at its upcoming budget meetings in January 2027, which are open to the public.
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