By ROY WOOD

Osoyoos Town Council has adopted a go-slow approach for the so-called Richter Property rather than jumping in as the developer of the prime residential parcel.

Despite a staff recommendation that the Town decide to act “as its own subdivision developer,” council decided instead to pay a consultant to prepare development options and to hold a “housing symposium” to gather information.

The Richter property is the southern remainder of land purchased for $2.3 million by the town for the new fire hall. The 3.32-acre parcel could eventually contain about 40 housing units of various types.

The Town has been seeking private developers to purchase the land and build the housing. The search has been fruitless.

Planning director Alain Cunningham told council Monday that private developers may find it “a daunting prospect” to pay up front or the land and required infrastructure.

As well, he said, the affordable housing aspect of the development – required to facilitate getting the land out of the Agricultural Land Reserve – is not attractive to developers.

Cunningham’s recommendation urged council “… to agree to advance the option of the Town acting as its own subdivision developer because our large investments will pay off with greater land profits compared with private sector alternatives and would favour local builders.”

The report conceded that there would be a “moderate” risk for the Town because of potential market downturns, but the potential returns would be high from selling lots to the highest bidders.

Council voted to approve Councillor Carol Youngberg’s proposal that council spend $5,200 for a consultant to prepare for a symposium at which local builders and realtors would get together with council to discuss the issues like costs and the potential salability of the housing units.