North Saanich OKs rec centre property transfer for $10

North Saanich council has approved a transfer of the Panorama Recreation Centre land to the Capital Regional District.

The price tag for the 6.4-hectare parcel — $10.

Council’s decision to transfer the land was prompted by changes in accounting standards for all levels of government in Canada. Starting in the 2022 fiscal year, obligations arising from the retirement of assets are required under Public Sector Accounting Standards.

North Saanich’s past practice had been to lease the property to the CRD for the operation of the recreation facility, and the lease agreement would be considered retired at the end of the lease term.

Council said in a statement the district would need to fund a significant financial reserve through increased user fees over the term of a new lease. However, by transferring the Panorama property to the CRD, North Saanich avoids having to increase user fees to fund the reserve and is providing the CRD security of land ownership associated with its facilities.

The transfer is subject to the completion of a notice of disposition process, which allows the public to express support or opposition to the move.

Under the terms of the land transfer agreement, North Saanich can buy back some of the undeveloped property for a public library within the next 20 years, also for $10. As well, the district retains a right of first refusal on any part the property for $10.

The Peninsula Recreation Commission will continue to operate the Panorama Recreation Centre.

The centre has a 25-metre pool and waterslide, two skating arenas, weight room with cardio and strength equipment, indoor and outdoor tennis courts, racquetball and squash courts and community recreation programs such as arts, music, dance, computers, cooking, languages and sports.