Wharton Street plan questioned

Dear Editor:

I realize the municipality of Summerland is in a difficult position, cash strapped and going more deeply into debt. I question that the sale of the Wharton Street property is a good solution.   

Municipal property is like an endowment fund.   The sale would be like selling an asset for a one time gain without regard to the future.    

Has anyone considered signing a long term lease with a developer?   

This would conserve cash for the developer and assure long term income for the municipality, that will be greater than that derived from a one time sale.

In addition, if anything goes wrong with the development, the property would revert to the municipality rather than going to a third party receiver.    

Once it is sold we lose control forever, but a lease retains a level of control within the terms of the lease.   

Any default of the terms restores control to the municipality.   

Council has been entrusted to steward the town’s resources and I hope they will seriously consider this option before they dispose of one of the town’s most valuable assets.

Gary Strachan

Summerland