Cochrane council has approved funding for the third phase of James Walker Trail through debt financing of $17.89 million.
The money will be paid back over 20 years through the application of future offsite levies from adjacent areas as development surrounding the road upgrade fills in.
The project will be completed in two sections. The Town of Cochrane will begin construction on its 1.5 km portion in May 2025, with work expected to extend over two construction seasons. At the same time, Qualico Communities will start work on its 1 km section in Southbow Landing in June 2025, aiming to complete their portion by the end of the year. According to Town administration, the project will most likely be completed in 2026 due to the complexities associated with it, which would include not only the road upgrade but the lowering of Cochrane’s sanitary mainline to make way for a future intersection, alongside compaction to deal with loose fill on the eastern side of James Walker Trail, and the moving of the powerline near Southbow Landing.
Coun. Alex Reed put forth the motions to approve both second and third readings of the borrowing bylaw at the April 14 meeting.
“I think this is an exciting opportunity in terms of what we want to do on the south side of the river, and it has been a long time coming,” he said. “But we are there.”
Coun. Susan Flowers reiterated that the reason council has chosen to debt finance the project and pay it back through offsite levies was to get a much needed projected kickstarted sooner rather than later in the community.
“We are doing this to make it happen sooner,” she said, “and the whole bit of the money and interest is going to get paid back as the development proceeds. It’s not costing (current) residents anything. We are just doing it to get it done a lot quicker.”
Coun. Marni Fedeyko indicated she would be voting against the bylaw. Not because she didn’t think the project was necessary, but rather because she felt uncertain of the numbers and the overall ramifications such debt financing would have for the Town with other much needed projects also in the works and in need of funding. Fedeyko said she would be more comfortable voting for the project once the new offsite levy bylaw comes into effect in Cochrane, and it is accompanied by a full report on the ramifications. Council is in the process of updating the new offsite levy bylaw, and the James Walker Trail upgrades are being covered under the current bylaw as it stands today.
“I’m not in favour of voting for something that is covered by offsite levies without actually having the offsite levy report in front of me, and understanding what is happening with that.”
However, others on council felt the urgency of the project, and the potential increased costs of delay, made it necessary to pass the upgrade approval as soon as possible, and voted in favour of the motion by a margin of 6-1.
Work should start on James Walker Trail as of May 1.
