The Town of The Blue Mountains is extending a loan financing agreement with the Marsh Street Centre by another year.
At its committee of the whole meeting on Aug. 9, council voted unanimously in favour of a staff report that would see a $100,000 line of credit agreement the town has with the Marsh Street Centre (MSC) extended to the end of 2023.
Director of Finance and Information Technology Service Ruth Prince reported to council that the town extended MSC a $100,000 line of credit with a one per cent interest rate in October 2020. The agreement ends at the end of 2022 and MSC would like to extend the loan for another year as COVID recovery efforts continue.
“They have used it. They have paid it back. They would like a little bit of breathing room,” said Prince.
Coun. Andrea Matrosovs said it made sense to continue the agreement.
“Given that a large amount of their revenue comes from events, we can appreciate the breathing room,” she said.
Coun. Rob Sampson called MSC a “jewel” in the community.
“It’s unique in the province,” he said.
Deputy Mayor Peter Bordignon said MSC has done a great job managing money in the past.
“They’ve been diligent and responsible with their financial obligations to us in the past,” he said.
Coun. Paula Hope said the past few years have been tough on many organizations.
“I’m very sympathetic to the challenges the Marsh Street Centre has had. I’m very open to assisting MSC in any way we can,” she said.
The resolution to extend the loan agreement passed in a 5-0 vote with councillors Bill Abbotts and Jim Uram absent.