The Regional District of Central Kootenay won’t have to provide a market appraisal of the Balfour beach after all.
Although the regional district had already secured a 30-year license of occupation for regional park purposes, it received a letter last month asking for an independent appraisal of the property within 90 days or the license could be cancelled.
Staff balked at the request, which they thought could cost up to $10,000.
“Upon further review, ministry staff have determined the RDCK will not be required to submit an independent appraisal on the Balfour Regional Park property,” Ministry of Lands spokesman Brennan Clarke said in an email.
As of April 1, the ministry implemented revised accounting principles, which resulted in tighter standards for reporting the value of transferred government assets, Clarke explained.
Crown grants are now required to include an accurate property appraisal for reasons of fiscal transparency and to ensure fairness to adjacent property owners, he said.
“As these changes are quite recent it took a few months to clarify how they are to be applied,” Clarke said, adding that after considering the circumstances of this case, they determined the internal assessment of the park land will meet the requirements.
The 3.7 hectare property and 200 meters of Kootenay Lake shoreline was estimated to be worth $1.5 million. The transfer to the regional district has been in the works for seven years.