The Regional District of Nanaimo plans to borrow more than $21 million to purchase the $31-million Hamilton Marsh property located south of Qualicum Beach.

The board held a special meeting on Sept. 9 and unanimously passed a motion to establish a parkland acquisition loan authorization bylaw that would allow the RDN to acquire a $21,200,000 loan for a term not to exceed 20 years.

The money will be used to pay for the 360 hectares of land that has been targeted for conservation for many years by the RDN.

Taxpayers from City of Nanaimo, District of Lantzville, City of Parksville, Town of Qualicum Beach and Electoral Areas A, B, C, E, F, G and H will all share the repayment of the loan, which annually is estimated to be $1,763,411.

Director Jessica Stanley questioned whether the rates would change across the 20-year period.

RDN CAO Douglas Holmes explained although the loan is a 20-year term, the debt will be set at 10-year increments.

"It will get refinanced 10 years from now," said Holmes. "And so, whatever, if interest rates go up or if interest rates go down, the would affect the annual debt payments."

Holmes also pointed out that the region's population is growing and is expected to see more properties to help finance the cost.

"And therefore, the $1.763 million would be shared over a broader tax base and so the average cost per $100,000 over time, would go down as would the average debt repayment per average house," he added.

Here's an estimated breakdown of how the loan will impact taxpayers in District 69:

* City of Parksville, 2025 average residential value is $760,678, annual debt repayment is $152,149, cost per $100,000 is $2.18, annual debt repayment per average household is $16.58

* Town of Qualicum Beach, 2025 average residential value is $964,544, annual debt repayment is $108,313, cost per $100,000 is $2.10, annual debt repayment per average household is $20.26

* Electoral Area E (Nanoose Bay), 2025 average residential value is $1,274,458, annual debt repayment is $90,043, cost per $100,000 is $1.91, annual debt repayment per average household is $24.34

* Electoral Area F (Coombs, Hilliers, Errington, Whiskey Creek, Meadowood), 2025 average residential value is $749,286, annual debt repayment is $82,586, cost per $100,000 is $2.41, annual debt repayment per average household is $18.06

* Electoral Area G (French Creek, San Pareil, Little Qualicum, Englishman River), 2025 average residential value is $1,009,500, annual debt repayment is $89,391, cost per $100,000 is $2.20, annual debt repayment per average household is $22.21

* Electoral Area H (Bowser, Qualicum Bay, Deep Bay), 2025 average residential value is $915,265, annual debt repayment is $52,232, cost per $100,000 is $2.03, annual debt repayment per average household is $18.58

The borrowing authority to acquire land for a regional park under a regional park or regional trail service, does not require approval of the electors.

The Hamilton Marsh forms part of the French Creek watershed and connects with Beach and Grandon Creek in the Town of Qualicum Beach. It is formed through a combination of several wetland habitats including a prolific waterfowl brood marsh. Several species of wildlife that use the marsh and the surrounding mature, second-growth forest are listed by the Conservation Data Centre as species of concern or at risk.