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Greater Vancouver Regional District
4330 Kingsway, Burnaby, British Columbia. Canada V5SH 4G

3 March 1994

Mr. Jim Maitland

City Treasurer

City of Port Coquitlam
2580 Shaughnessy Street
Port Coquitlam, B.C.
V3C 2A8

Dear Mr. Maitland:

I am pleased to supply a little more information on the purposes for which borrowing
authority is being sought in the above Bylaw. Key points are:

1. .4 The $3 million in potential borrowing is for park development only in the 1993-
1998 period; it includes no money for land acquisition (as you know the land
acquisition fund is being discussed separately);

The Bylaw, if approved, gives GVRD authority to borrow, however further steps

are required before actual expenditures take place:

a) a debt issuing bylaw has to be passed;

b) the debt issuing bylaw will be passed when and if the Board approves a
specific development eapenditure(s) after plans and relevant analyses have
been completed.

The projects to be funded in the borrowing period this Bylaw is anticipated to cover
are part of the amended 15 year park development program as adopted in principle
by the GVRD Board of Directors in 1989. That 15 year park development program
projected a total borrowing for major development projects over the 1989-2003
period of slightly under $14 million (1989 dollars) in 13 of the Regional Parks.

The first priorities in the 1989-2003 program were improvements at Pacific Spirit
Regional Park, Iona Beach Regional Park, Boundary Bay Regional Park, and
Tynehead Regional Park. The current priorities are to complete work at Tynehead,
construct a new access road into Belcarra and improvements to fishing bars and
waterfront trails and picnic facilities in Derby Reach Regional Park. Over the next
three to. four years the planned projects include improvements to Matsqui Trail,
Campbell Valley, Burnaby Lake. These, of course, will be reviewed and decided
in tum in the budget years in which they are proposed, and will then be included in
an annual budget, delayed or cancelled as the Board then decides.