Langley City Council gave final approval to a financial plan that will mean a 4.68-per-cent property tax increase for residents.
The vote on Monday, Feb. 22, was unanimous.
It works out to an hike of $154 on an average single-family home in Langley City (assessed at about $878,000) while a multi-family home, a condo or a townhouse (assessed at $415,000) would go up by about $90.
Because of the financial impact of the pandemic, council also voted to abandon a proposal to borrow $50 million to prepare for the pending arrival of SkyTrain by buying property and funding parks and trail improvements, infrastructure upgrades, and expanding and enhance City recreational facilities as well.
Instead, council gave preliminary approval to borrowing less, $7.5 million, to make what City CAO Francis Cheung described as “strategic” land purchases.
If the provincial government signs off on the proposed borrowing, it would then be subject to an alternative approval process, which would see the loan authorization bylaw proceed, unless a minimum number of eligible electors in the City submit forms against it.
After that, the measure would come back to council for final approval.
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