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Council approves purchase of Lot 450

Powell River city council has given the go-ahead to purchase Lot 450.

The purchase of the land was included as part of the city’s financial plan this year, with the goal of giving the city control over future use of the property.

Mayor Dave Formosa says the purchase agreement came before council this week.

“We approved the borrowing of $800,000 to buy the property between Brooks School and Millennium Park.”

The city will borrow the money through the Municipal Finance Authority and the loan will be repaid within five years. Formosa says the purchase of the site ensures the city has control over the future of the property.

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