date posted: 2002-01-01
I would like to take this opportunity to wish everyone a Happy and Prosperous New Year.
At the time of this writing, the deal to sell Richmond Hill Hydro was a few days away from closing. The former Council negotiated an agreement to sell Richmond Hill to a new hydro entity which was the result of a merger of neighbouring utilities. In that agreement was a section in which Vaughan and Markham would buy Richmond Hill Hydro if the original purchase plan did not materialize. In either case, it was always contemplated that the Town of Richmond Hill would sell its hydro commission.
There were approximately 100 attendees along with representatives of Transport Canada, NavCanada, and the Buttonville Airport to discuss safety concerns associated with the airport. As well, many of the speakers addressed the issue of noise and frequency of planes flying over their homes. Several witnesses to the crash as well as the owner of the home who experienced the crash spoke of the effects such an event has had on them despite the fact that, miraculously, there were no serious physical injuries to the pilot or the residents.
The significance of the sale for the present Council is the need to consider options for the proceeds of the sale which will generate cash in excess of 120 million dollars. There will be a need, in my mind, to consult with the public to seek input into the disposition of those funds. Here are just a few of the possibilities which might be considered. Proceeds of the sale could be used to reduce property taxes; the funds could be invested to generate income which could also be used towards reducing taxes; or funds could be used to help with infrastructure projects, or building new community facilities.
A practical option might be to develop a balanced approach to the utilization of the funds whereby some monies are invested for the future, some directed toward significant projects or infrastructure, and some proceeds might be available to minimize future tax increases.
While the "problem" might, on the surface, seem to be a pleasant one to deal with, Council will no doubt face an array of options and opinions. Making a good, wise decision will require consultation, debate and time to ensure that the residents of Richmond Hill obtain the maximum benefit possible. - Stay informed and stay tuned!