ERA presentation to Feb 25 COW Council meeting

Good morning Mayor and Councillors, I’m Bill Scott, President of the Eaglecrest Residents’ Association. Thank you for the opportunity to comment on aspects of the Financial Plan for 2026-2030 which are of major concern to our membership and the Eaglecrest community at large.

We want to speak to this budget, how it suggests the acquisition of the golf course be accompanied with the “once in a generation” sale of green space and parklands in Eaglecrest, which, once lost, can never be reclaimed.

On page 28 it is stated that:

Current debt servicing levels are modest, interest rates remain reasonable and the strategic use of moderate levels of debt can assist in maintaining generational and move large projects forward that other wise would be afforded on a cash base.

Media releases have stated the purchase of the Eaglecrest Golf Course land, as “…a once in a generation opportunity to guide the future of a major land parcel in a way that benefits residents today and for years to come.”

Why then the rush to sell lands surplus to the golf course and parkland when debt borrowing capacity is available and can be retired over time through the orderly sale of these lands and thereby assure community compatible

On page 38 there are borrowings of $6 million and $6.8 million for years 2027 and 2028 respectively.

• What projects are these borrowings to fund?

• Could these project be delayed, allowing borrowings to cover the Eaglecrest purchase?

On page 38, The Consolidated Budget Summary identifies Proceeds from Sale of Assets.

In 2026, the $3.245 million is from Eaglecrest Land Sales and applied to (applied to what) however, in 2027, and 2028, the asset sales total some $5.4 million and $8.3 million of which $ 2.85 million and $2.9 million coming from Eaglecrest.

Does this suggest that land sales from Eaglecrest are expected to total $8.895 million in 2026-2028? That is an unbearable burden on this suburb, compared to what revenues the rest of Qualicum Beach is expected to generate through the sale of their parklands.

• What are the other assets being sold

• What is the proposed use of these funds.

On page 137, the budget proposes $3.245 million in expenditures to be recovered by Eaglecrest land sales in the reconfiguration of the golf course; lot servicing and a traffic study. There have been numerous statements in the media; at public meetings and here in this council chamber that preliminary financial modelling has been completed indicating land sales will fully recover the acquisition costs.

Given that the Vancouver Island Real Estate Board, in its January 2026 Comparative Activity Report for Parksville/Qualicum Beach, cites the following:

• January 2026 – Lots listed – 14, Lots sold, 3, median selling $440,000 • January 2025- January 2026 – Lots listed – 178, Lots sold – 38, median selling $460,000

• Should this slow absorption rate remain, how will the 2026 budgeted $3.245 million land sales

be offset given that Eaglecrest currently has 19 residential lots available 13 in Shelter Ridge, 5 on Cottage Drive, and 1 on Fairways Drive?

On page 137, the 2027 Transportation Capital Budget identifies $5.5 million for “Traffic Solution” with $2.75 million funded through Eaglecrest Land Sales and the balance grant dependent.

• What is the “Traffic Solution” being considered and for what purpose?

• If the purpose of land sales is to reimburse for the purchase of the golf course, then why are they being required to fund a transportation initiative?

• If the land sale proceeds but the grant is not obtained, will development of these lands be delayed subject to the Transportation Solution being completed?

On page 138, $1.75 million is identified in 2028 for the long deferred Eaglecrest Drive Storm Main Replacement and funded by $1.75 million from Eaglecrest Land Sales.

• Why are the Eaglecrest land sales being used to fund a long deferred capital infrastructure expense not directly related to the purchase of the golf course?

Pertaining to the golf course.

• What are the 2026 revenues to be received from the lease of Eaglecrest golf course lands.

• What are the projected revenues for the years 2027 to 2030 and are they to be used solely to offset the purchase of the golf course?

To conclude, the community questions why revenue from these lands is being required to pay for infrastructure long deferred and unrelated to the golf course purchase. This increased valuation is “loading” Eaglecrest’s west side with densities inconsistent with its established form and character. This is a blatant affront to the objectives of the OCP for “lower housing densities in residential areas outside the Village Neighbourhood.” that are “… compatible with existing small scale residential uses and the village character of the Town.” for which members of this Council have been ardent supporters.

Thank you.