inquiring
reporter
Elizabeth Collings

A WEST Vancouver Endowment
Fund was recently created to act as
a depository for money collected
from the long-term lease of 320
Taylor Way, the sale of municipal
properties in 1989, nei rentals and
fees and similar sources.

By MAUREEN CURTIS

‘*The two North Vancouver
municipalities have already done
something similar,’’ explained Ald.
. Alex Brokenshire, when West
“ Vancouver District Council recent-
ly voted to set up the fund.

With the inclusion of the current
Park Land Reserve Fund, the en-
dowment fund is expected to have
grown to more than $35 million by
the year 2000.

After that time, the fund would
be increased by an amount equal
to the Consumer Price index
change for the Vancouver area.

Starting Jan. 1, 1994, the
municipality’s intention is to use
the interest earnings from the fund
to acquire a land bank for future
community develooment, the pro-
ceeds of which could further
‘ : benefit the endowment fund.

: Interest earnings could aiso be

* AEG-STERED 8 PFOMA SuuNt Ne

10 — Wednesda,, August 9, 1989 - North Shore News

U.S. PRESIDENT George Bush is in the same dilemma
experienced by his predecessors in the White House. As
terrorist activity ta-zetting the U.S. escalates, Bush has to
decide between courses of action and non-action. Under
Reagan, Bush headed a council on terrorism which ad-
vised against ‘‘random retaliation.’’ Yet with the reported

What should Bush do about terrorism?

killing of Col. William Higgins and the threatened execu-
tion of James Cicippio, congressional pressure is moun-
ting for Bush to act <ssertively. Inquiring Reporter asks
what George Bush should de about the recent terrorist
activity.

Yen Chan Daryl Jantzen Ron Barrow
North Vancouver Burnaby North Vancouver
My view is that he should It’s just going to get Attack. You can’t let ter-

act tough with them at
this stage. There’s no use
trying to reason with
these people. An eye for

worse if the States don’t
show some power. The
States should show them
who’s boss.

rorists run the world.
You'd never expect
wimps like Mulroney to
do it. Maybe Bush would.

Kimberly Henders
North Vancouver
Personally, because I’m a
pacifist myself, I'd go for
any non-violent means he

could swing, maybe a
diplomatic route.

Louise Gatto —
North Vancouver
I think it’s atrocious. |

don’t know whai
should do.

they

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an eye, a tooth for a
tooth.

reserve, as well as rentals and con-
cession fees, could bring the fund
up to an excess of $35.7 million by
the year 2000.

put towards the funding of leisure
and cultural capital projects, such
as the proposed Civic Centre, fur-
ther park development and reduc-
ing municipal debt for land pur-
chases.

According to a report by
municipal manager Terry Lester,
West Vancouver lost much of its
land bank from 1931 to 1933,
when most of the tax sale lands
were sold to British Pacific Pro-
perties to keep the municipality out
of bankruptcy.

The sale alse helped alleviate the
unemployment situation, because
one in four employees of BPP had
to be West Vancouver residents at
that time.

The district is now in the posi-
tion to be receiving considerable
revenue from the 320 Taylor Way
lease, which is expected to add up
to more than $20 million by the
year 2000.

At that time, the municipality
also shouid have accrued $9.95
tuillion from the current sale of the
municipality’s Westhaven lots
which are expected to bring in at
least $3,670,000 this year.

These earnings together with the
earnings from the current land
sales reserve and park land

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_ West Vancouver creates endowment fund

Given changes in priority and
philosophies, council may review
its plan for the endowment fund
every five years.

Council may, however, decide to
use some of the principal to ac-
quire other land for future devel-
opment.

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