Buy low, sell high is a universal formula for success. So why has Langley Township council come under attack for land transactions so beneficial to the community?
Well, in an election year, when you have little else, "questionable land sales," repeated often enough, is a plank, however dubious.
The purchase of Redwoods Golf Course was the subject of some criticism, before the last civic election, because the owner would continue to operate it for 20 years.
But the Township paid $4 million for the 174-acre golf course, and will pay another $1 million in maintenance fees over 20 years, and defer taxes, for property and improvements assessed at $8.38 million in 2005.
Redwoods was no secret deal. A counter petition offering a public opportunity to kill the deal was unsuccessful. A civic election immediately afterwards, with all incumbants running returned to office, was a vote of confidence.
On the sell-high side of the argument, the Township recently made a deal with the Martini family, for Dickson Pit. Langley Township owned the 93-acres, including 23 acres of sensitive wetlands, 30 acres slightly less sensitive and 40 acres of former gravel pit.
The Martini family paid $2 million - $1.5 million to the Township, another $500,000 to the Pacific Parkland Foundation, for local park improvements - and deeded the 23 acres to the foundation, for addition to Derby Reach Regional Park.
A restrictive covenenant preserves the 30 acres for scientific research...