Appraisal values Crown land at $6.18 million

The B.C. Ministry of Transportation and Infrastructure released the findings from an independent appraisal it commissioned to determine the value of Crown land subject for exchange in the land swap with Westbank First Nation.

The B.C. Ministry of Transportation and Infrastructure released the findings from an independent appraisal it commissioned to determine the value of Crown land subject for exchange in the land swap with Westbank First Nation.

The appraisal, conducted by Inland Appraisers Ltd., suggests the value of the Crown land is $6.18 million.

The province commissioned the appraisal after numerous objections were voiced with regard to the WFN-commissioned appraisal that suggested the land was worth $5.9 million.

The variance between the two appraisals is less than five per cent.

In early August, the District of West Kelowna claimed that the real value of the Crown land was worth between $28 and $42 million undeveloped and as much as $60 million developed.

The findings of the independent appraisal seem to favour WFN.

On Wednesday afternoon, the District of West Kelowna released the summary of findings they used to evaluate properties involved in the land exchange.

DWK council engaged the services of Site Economics, a real estate financial and market advisory consultant, in the spring of 2011 to review the valuation of the 698 acres of Crown land adjacent to the Rose Valley Reservoir.

In the summary, Richard Wozny, principal at Site Economics, wrote, “I provided a general valuation estimate based on development potential, along with an estimate of the wider impact on municipal finance.

“Given the large scale and complexity of these future development lands, detailed development planning information such as site servicing and net usable and salable land areas were not available.”

This meant that the firm could only prepare summary draft reports using a series of general, industry standard, assumptions.

“The analysis was intended to make the reader aware of the range of potential values under different scenarios, not to estimate the actual value of the lands,” Wozny wrote in the summary.

“I think it’s important that all information be made public and that includes our findings,” said DWK mayor Doug Findlater.

All relevant information including the DWK’s summary of findings and letters exchanged are available for public viewing at: www.districtofwestkelowna.ca (under mayor and council/current issues/land swap BC Government/WFN).

A summary of WFN’s land valuations from the original appraisal can be found at http://www.wfn.ca/newsreleases.htm.

A summary of the Ministry of Transportation and Infrastructure appraisal findings can be viewed at: http://www.th.gov.bc.ca/publications/reports_and_studies/index.htm.

 

wpaterson@kelownacapnews.com

 

 

Just Posted

Basement fire quickly extinguished

Fire crews quickly extinguished a basement fire at a home in Kelowna

West Kelowna neighbourhood fed up with criminal activity

Prowler frustrating West Kelowna residents

Kelowna motel robbed, suspect sought

The suspect threatened to harm the lone front desk clerk and demanded money.

Kelowna airport hosts accessibility event

Canucks Autism Network event brings families together to help deal with air travel

Penticton reporter reflects on covering Charles Manson

Charles Manson, leader of a murderous cult, died on Sunday at 83

Heavy snowfall expected on Coquihalla

Snow forecast for mountain highways

Annett finishes season on the podium at Ironman Arizona

Penticton triathlete sets new course record on the bike

Cash donations create purchasing power

Salvation Army and food banks stretch a donated dollar a long way

Hergott: A pedestrian’s legal obligation

Lawyer Paul Hergott questions the moral obligation of pedestrians and motorists

Coyotes grab Okanagan boys title

George Elliott defeats Seaton in AA volleyball final, seeded third heading to provincials

ICBC overbilling for crash repairs not the problem, dealers say

Collision repair shops reject union claim of inflated costs

Last day for shoeboxes at Kelowna Gospel Fellowship

Kelowna church has been gathering gifts for kids in need in countries around the world

Owls soar to Okanagan volleyball title

KSS girls win 4A championship for 12th straight year beating Pen Hi in final

B.C. groups to address child sex abuse in sports

viaSport is organizing a full day of education in association with Canadian Centre for Child Protection and the Coaching Association of Canada.

Most Read