North Harbour Project
How much will the project cost and how is it being funded?
The total cost is budgeted at $6.5 million: $6 million will be borrowed; $500,000 will come from the North Harbour Reserve Fund.
Moorage rates:
Once the project is completed, moorage rates for the North Harbour will be significantly higher than they are today, but will be comparable to other communities. Of the seventeen municipal and private marinas polled, fifteen charge rates in a range of $4.58 to $10.10 per foot per month, two of the marinas charge less than $4.58 per foot per month. Net revenue from moorage fees will be transferred into the North Harbour Reserve for future repairs.
Budget overview:
Principal interest payment
| on new debt | ($367,980) | (30 Year amortization) |
| Operational Costs | ($163,638) | |
| Total Costs | ($531,618) |
| Fee received per month** | $48,450 |
| Fee received for 12 months | $581,400 |
| Potential net funds to go towards Reserve Fund | $49,782 |
How will this project affect my taxes?
Borrowing for the North Harbour will not affect your taxes, but rather, the users of the marina will pay moorage fees that are sufficient to cover the annual debt payments and annual operating costs of the North Harbour Marina.
What about boat moorage during construction?
Options: land/home storage, other marinas, construction in stages. Are there other options?
What are the environmental impacts?
The seabed will be dredged to provide minimumunder keel clearances and 17,200 m3 of clean soil will be disposed of at sea at $15/m3 in accordance with federal regulations, including a detailed review process and an opportunity for public comment. A further 1,700 m3 of sediment will go to an approved landfill at $245/m3. For more information on disposal at sea procedures and regulations see:
www.ec.gc.ca/seadisposal/regs/index_e.htm
The nearby eel grass bed will be protected in accordance with the guidelines of the Federal Fisheries Act by:
- minimizing the area of shoreline disturbed by construction activities. Upland erosion and construction activities can increase sedimentation flow down freshwater streams, which can smother eelgrass plants and destroy the homes and feeding grounds of migratory birds, salmon and shellfish.
- protecting trees, shrubs and grasses near the shoreline. Physical alteration of the shoreline to protect or support coastal properties can increase wave energy and alter substrate type creating nearshore areas less able to support eelgrass beds.
- Leaving the site as natural as possible to prevent interruption of ocean currents and reduce the potential for beach erosion.