Water users in Zurich are coming to a crossroads – they will be locked into a payment plan for their new water line as of June 18th.
At Bluewater Council’s meeting on Monday (April 6) Manager of Finance Maggie McBride presented the options that residents will have, to pay off the $6.03 million project budget, at an estimated $11,860.11 cost to each household.
Councillor Winona Bailey raised a pertinent question regarding the dissemination of notices to the public. McBride assured the council that notices would be sent out via mail, and also outlined plans for social media posts and website updates to keep residents informed.
Deputy Mayor John Becker inquired about payment options, particularly for property owners interested in paying upfront and spreading the remainder over time. McBride elaborated on three payment options, including full payment, partial prepayment in various increments, and adding the full cost to property taxes over 20 years.
The options are as follows:
- Pre-pay 1/4 of the total, at $2,965.03
- Pre-pay 1/2 of the total, at $5930.06
- Pre-pay 3/4 of the total, at $8895.08
- Pay the full amount of $11,860.11
- Debenture the full amount against the property, and pay back $963.00 per year, for 20 years (with a full cost of $19,260.07)
Whatever remains after the pre-payment options will also be debentured over the same length of time – the debenture is also transferred with the ownership of the property, should it sell before the full debt is paid.
Notably, McBride emphasized that once debentured, the payment plan would be locked in for 20 years without early payout options.
Addressing concerns about non-contact or unresponsive property owners, McBride explained the default procedure.
If a property owner does not contact the municipality to indicate otherwise, they will be defaulted to the 20 year debenture, with an annual payment of $963.00. She underscored the importance of the June 18th deadline for indicating payment preferences.
McBride also highlighted that the final interest rate from Infrastructure Ontario was yet to be determined – the monthly payments are yet to be locked in.
Residents should be recieving their notices any day now – if you believe you were missed, contact the Municipality immediately.
Written by B. Shakyaver