The City of Kimberley will be selling off some of its non-core assets, as Council has decided to sell the Kimberley Riverside Campground and Bootleg Gap Golf Course.
According to a release, the current market values the campground is valued at $2,000,000, and the golf course at $3,550,000.
According to Mayor Don McCormick, the sale of these properties will help keep tax rates from rising too much, too fast.
“Improving core infrastructure without placing an additional burden on our taxpayers is a focus for Council,” said Mayor Don McCormick. “The proceeds from the sale of these non-core assets will replenish reserves needed to address infrastructure renewal and support the continued growth of our community.”
McCormick continued, “In the past few years, the sale of non-core assets – primarily residential and commercial raw land – has added close to $1M to the Kimberley Reserve Fund.”
McCormick added that the selling non-core assets has been something the city has done for some time.
“For the past five years, we’ve been able to keep our variable tax increase to what our municipal rate of inflation is, which has been about 2%. Our goal at Council is to continue to do that as long as we possibly can. By putting cash in our reserves , and using that to help fund infrastructure projects, we’re able to keep our taxes down,” McCormick explained. “It’s a key strategic move on the part of the city to look into selling these non-core assets.”
The city added that it will issue a Request for Proposals in November of 2019, and Council will discuss potential buyers the following month. Applicants will be required to show appropriate experience and vision for the properties.