The Strathcona Performing Arts Centre has secured funding from the Town of Bonnyville after council passed all three readings to a borrowing bylaw.
Read more: Theatre in Bonnyville nears completion
The bylaw states the amount of money to be loaned is up to $800,000 for the purpose of completing the theatre. The term of the loan is three years with five per cent yearly interest.
Council had a final time to discuss and review the bylaw before giving it second and third reading at the March 25 council meeting.
Coun. Phil Kushnir asked for some details regarded repayment.
“In this bylaw, when they get the CFEP (The Community Facility Enhancement Program) grant, they’re going to pay us back the $500,000?” he asked.
Administration clarified the intent of the loan agreement would see any grant money or any other funding used to pay back the Town of Bonnyville.
“So, effectively, we’re at $300,000 for the loan,” said Kushnir.
Council gave the final two readings to the bylaw, finally approving it and giving the theatre the last bit of funding they need to complete the project.
Mayor Elisa Brosseau had some parting words regarding the bylaw.
“I just want to take a minute to thank council and administration on this bylaw, for their efforts in getting this project done. We know there is a need for this performing arts theatre,” she said.
“Coun. (Byron) Johnson and I went to their first concert on Friday as well as some of the administration. A lot of amazing comments, they did a good job.”
“The feedback we’re receiving, it was the right decision.”
Read more: Bonnyville theatre closer to securing loan
