The Capital Regional District will ask residents to approve spending $33.3 million on a piece of land adjacent to the Sooke Lake Reservoir.
The CRD plans to purchase 1,973 hectares from the Kapoor Lumber Company, funded through a long-term debt to be paid by water users over the course of many years.
The cost to an average household is $14 per year. The CRD plans to seek electoral approval through an alternative approval process required to allow for the loan authorization bylaw.
“The CRD has identified these lands as an acquisition priority for many years, but they only recently became available,” board chair Cliff McNeil-Smith said in a news release. “This purchase ensures the further protection of our primary water source and aligns with our long-term vision for sustainable water management and environmental stewardship.”
The main source of drinking water in the region, the Greater Victoria Water Supply Area consists of three sources, Sooke, Goldstream and Leech water supply areas.
“The Kapoor Lumber Company Lands are vital for the protection of our water resources. By integrating the largely forested area into the Greater Victoria Water Supply Area, we are safeguarding our water infrastructure and enhancing our ability to manage and expand our water resources sustainably,” said Good Baird, chair of the Regional Water Supply Commission that recommended the purchase to the CRD board. “The purchase is a rare and significant opportunity to secure land that is important to the future of our region’s water supply, ensuring that we continue to provide clean and safe drinking water for generations to come.”
Kapoor is a family business involved in sustainable forest management since the 1920s and long recognized for commitment to environmental stewardship. As part of the agreement, the company will continue to sustainably manage the property until September when the CRD would assume ownership.
The CRD says it has also initiated conversations with First Nations which have potential interests that overlap with the property.
