Irricana council approved third reading of the borrowing bylaw 238:14, which concerns the land purchase agreement with AMASCO Construction Ltd., for 42-acres of land located at the southwest side of the Town on Aug. 11.
“There will be a 30-day waiting period until it can be officially signed,” Irricana CAO Bob Payette said.
The 30-day period is per the agreement the Town had signed.
Irricana Mayor Valerie Squires said development on the property could begin as early as spring of 2015.
The Town will take out a loan up to $515,200 for the purchase of the land from Mountainview Credit Union (MCU) to be paid back over a 15-year period.
According to Squires, the operating budget will be used to pay back the loan.
“The new expense to the operating budget for this endeavour will be approximately $28,000 per year for the first three years,” Squires said of the borrowing land bylaw.
“AMASCO has agreed to build houses on the approximately 60 subdivided properties, starting in spring of 2015,” Squires said.
The Town of Irricana and AMASCO announced on July 14 the proposed joint land purchase.
Irricana proposed to purchase 31 acres, while AMASCO is purchasing 11 acres.
“We have no intentions of becoming a land developer,” Squires said at the Aug. 11 council meeting.
Instead the Town will seek other developers for the land Irricana purchased.
Squires also said the Town will be hiring Dillon Consulting to “provide council with a concept plan and options for the rezoning and use of the proposed 31 acres.”
The consulting will be paid by using MSI grant funds. According to council, it is not yet known how much the expense will be.
