Centre Wellington council has approved a loan of $25,000 to the Elora Business Improvement Area to beautify a property in the downtown of the village.
The property is the former Petro Canada gas station that was removed over two years ago at the corner of Mill and Metcalfe Streets in the heart of the tourist district. The BIA has been working on plans to beautify the area ever since then.
Council also agreed to spend $17,000 to upgrade the sidewalks in the area.
The report came to council instead of committee of the whole at the request of BIA liaison councillor Kirk McElwain, so the project could be completed on time for the majority of the high traffic tourist season.
The Suncor-owned property’s project consists of:
– landscaping and other improvements to the property at an estimate of $30,000 to $40,000; and
– upgrading of the adjacent sidewalks.
The proposed financing of the landscaping and other improvements component of the project, assuming an upset cost of $45,000 is: Elora BIA – initial funding of $15,000 and the township loan $25,000.
Council agreed the loan could be with the same terms as the no interest loan that was recently extended to the Fergus BIA, repayable over a term of five years, and payments deducted in equal installments from each quarterly levy payment that the township makes to the Elora BIA.
The proposed financing of the sidewalk improvements is to transfer $17,000 from the general capital reserve.
Councillor Kelly Linton again asked that the township formulate a policy for no interest loans to community groups and council then voted unanimously to approve the loan.
