HUMBOLDT — At a special meeting of council, Humboldt approved issuance of a $150,000 short-term loan agreement with the Humboldt Golf Club to build an events centre located at the golf course.
The loan is repayable over five years with an interest of 2.45 per cent compounded monthly.
In March’s regular meeting, city council announced the motion, providing ten days of public notice to allow residents to make their opinions noted before moving forward with the special council meeting on April 11. No residents submitted anything in favour of or against.
Joe Day, Humboldt’s city manager, said the loan would give a $5,000 bonus to the city over normal investment rates as well as save the golf club $10,000 through not needing to take a commercial loan.
“The opportunity to host larger events golf related and non-golf related is seen as a benefit to the community,” Day said. “This was an area that council discussed the pros and cons of and agreed to enter into a lending arrangement where we could lend the golf club $150,000 on those terms.”
The golf club’s project would expand the tent facility, move it to the south side of the parking lot and enhance it for seasonal operation from spring to fall.
Mayor Michael Behiel previously said that other charitable organizations will be able to access the events centre at a reduced rate.
