City Council realigned their 5-year financial plan to include the $5.5 million dollar purchase of the Somass Mill lands.
The money used to purchase the five properties came from the Alberni Valley Community Forest revenues, the land sale reserve, and a variety of reserve accounts.
Mayor Sharie Minions says the city has $34 million in reserve, which allowed council to pursue the land sale with Western Forest Products.
“We have reserves for specific purposes,” she said. “The reserves that we drew from for the Somass lands largely are for the purpose of purchasing lands so we’re happy to be in a position where we’ve been intentional in the decisions we’re making and now we’re able to use funds for what we were intending to use them for.”
Minions said the money taken from reserves will be restored as parts of the properties are sold off, and there will be no effect on taxes.
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