Getting ready for when the economy improves
Lacombe County is investing $8 million to ensure it is poised to reap the benefits when the central Alberta economy rebounds.
Council approved a pair of projects last week that will see water and sewer lines extended to property on the west side of Highway 2 off, Highway 12. Services will also be linked with Track on 2, the former Alberta Downs race track that has been developed by its owners into a horse racing and event centre.
A second project will see a lift station built in the Wild Rose Commercial Park southwest of the interchange for the two highways.
The projects comes on top of $5.3 million the county previously spent on servicing land on the north side of Highway 12.
Reeve Paula Law said going ahead now is about preparing for the future.
“When the economy turns around and picks up, we’ll be ready for it, versus it starts to pick up and we’re trying to play catch up.
“We feel if anybody is looking for a lot, they’re looking for a serviced lot, not a non-serviced lot,” she said.
“Having these services in place will be crucial for future development in Lacombe County.”
The initiative also addresses key goals in the county’s strategic plan — diversifying and strengthening the tax base.
Doing the servicing work now allows the county to take advantage of the competitive construction climate.
While the servicing portion of the project came in slightly above the $6.3-million estimate, the lift station came in more than 30 per cent below the $3.4-million estimate.
Should the economy start to heat up, those kinds of deals may not be around any longer, she said.
“When the economy turns around, prices will most likely be higher,” said Law. “So, part of this was to try to take advantage of good pricing.”
The money is coming out of reserves and will be recouped through levies paid as the land is sold and developed.
Existing businesses will have to pay for the cost of servicing their properties once they are hooked up, either through a lump sum payment or through five- or 10-year payment plans.
The county has been working closely with the City of Lacombe to prepare prime highway frontage land to lure investors.
The city announced last month that just under $13 million was being spent servicing the Midway Centre development northeast of highways 2 and 12, building a lift station and upgrading the Highway 12 and 58th Street intersection.
Further south, Red Deer County is also investing millions into Junction 42, an industrial and commercial development at the Highway 2 and Highway 20 interchange east of Penhold.
pcowley@reddeeradvocate.com
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