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Whitecourt Town Council to Defer Golf Club’s Loan Payments

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November 14, 2019 at 10:51 am - Home, MyTownToday.ca
By Erika Chorostil

After all the rain this summer, the Whitecourt Golf and Country Club had a tough season for the second straight year.

The Club is feeling the pinch financially, and have asked Town Council for help with their loan payment schedule. The Club has two loans with the Town; a debenture borrowing of $1,748,000 that began in December 2010; and an operating loan for $30,000 that began in June 2019.

Mayor Maryann Chichak says that Council this week agreed to the Club’s request to defer both their debenture and operating loans for repayment at a later date.

In their decision, Mayor Chichak and Council noted that the Club is an asset to have in Whitecourt and they have never missed a payment, making them a reliable partner.

Administration will now prepare a new agreement with the Club to defer the payments, which will be paid back at a later date. The Whitecourt Golf and Country Club has also agreed to come up with and present to Council a 5-year operating and capital plan at a later meeting.

 

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