A significant infrastructure project for the city and an accompanying major development are set to take centre stage at Monday’s meeting of city council when council holds a public hearing to discuss borrowing in order to extend 34th street from Pacific Avenue to McDonald Avenue.
The extension project comes alongside plans for the construction of Riverside Lifestyle Estates adjacent to the Rec Centre by Skyline Developments on the North side of the would-be extended 34th Street. Plans for Riverside Lifestyle Estates include an eventual total of 67 residences including 43 in an initial Phase One that is currently pre-selling units after the developer came into receipt of the title to the property during the fall. The additional 24 residences would be constructed in a Phase Two with an eventual planned Third Phase seeing the addition of a restaurant, commercial space and renovations to the existing Rec Centre.
Currently the property is accessible by motor vehicle via McDonald Avenue as well as by a pedestrian crossing over the railway tracks in the area of 34th Street and Pacific Avenue. As part of the sale of the property to the developer, the city agreed to establish the connection to 34th and Pacific including an at-grade crossing over the railway tracks at the location.
34th Street Northbound at Pacific Avenue
The 34th extension project would require the city to borrow up to $3.5 million. Financed over ten years between 2021 and 2030 at a maximum interest rate of 6.25%, a public notice published in December states that repayment would be no more than $481,186.25 annually. Over the $3.5M scenario, by the end of the ten years interest payments as part of borrowing would have amounted to just over $1.3 million based on a payment schedule attached to the proposed borrowing By-Law. That repayment amount it’s said would be recovered by a levy on all rateable properties. The addition of the Riverside development is expected to meaningfully grow the city’s tax revenue by vantage of the amount of new taxable properties developed.
As part of the Riverside development, the developer also intends to re-develop the former curling rink at the Rec Centre into an arena that would include a 190x80 foot skating arena, six change rooms and lower/upper-level viewing areas. The City’s current Recreation Master Plan has identified the need for further indoor ice in order to meet demand in present and future.
An Events Centre including banquet hall and meeting rooms would accompany the arena.
Future development site of Phase One of Riverside Lifestyle Estates
On Monday, should the public hearing pass without major objection Borrowing By-Law 7232 would receive first reading in order to progress to applying for and acquiring the necessary funds. Upon passing of first reading and being granted authority for borrowing by The Municipal Board the By-law would progress to second and third reading at a later date.
In a November post it was learned that the developer intends to begin construction once approximately 60% of units in Phase One have been pre-sold.