Wednesday, March 14, 2012

City Funds Debenture for Harborfront Tent

Kenora City Council will be dipping into the KMTS Citizan's Prosperity Trust once again to help pay for a major capital project.

Council says it will borrow just over 740 thousand dollars in order to finance the long term debt on the new Harborfront tent.

The city has also received 800 thousand dollars from the Northern Ontario Heritage Fund,
50 thousand from the Kenora BIZ and a five thousand dollar donation from a local businessman for the tent.

Councillor Ron Lunny says at three percent a year, the city is making good money on the loan, and paying itself at the same time, so its a win/win situation.

He adds this is the last major debenture the city will have to take out, after previously financing the new fire hall and the Discovery Center.