Pugwash Borrowing Approved at Public Meeting
A small group of residents authorized the Pugwash Village Commission to borrow up to $90,000 to cover final costs for the new stage in Eaton Park.
A majority of nineteen voters and four commissioners approved a temporary borrowing resolution and authorized the commission to seek a guarantee from the Municipality of Cumberland, and final approval from the Minister of Municipal Affairs.
The ratepayers asked if the Commission had exhausted all avenues of support, particularly from the Municipality of Cumberland. The Village Clerk, Lisa Betts, replied, “Yes, for this year.” However, the Commission will continue to seek grants/support from the county and any other sources.
Another ratepayer noted there are builders liens against the property of about $162,000. This is the amount that sub-contractors are seeking from the general contractor, APM Contracting.
Betts says that paying the final bill to APM should allow the sub-contractors to be paid. She noted that some of those are local service providers. Since liens have already been filed, the final payment to APM will likely be handled through lawyers rather than simply issuing a cheque to the contracting firm.
One man noted most of the loan would be bridge financing, allowing the village to pay the final bill now due while waiting for revenue that will follow. But he asked again, “Have you made a last-ditch effort to talk to the county, they have to secure the loan anyway, today can we work this out so we don’t have to borrow the money?” The Clerk said the village will work with staff of the Municipality in seeking other funding.
Betts said, “We found 400 thousand so far and I have all kinds of confidence that we will find that 48 to 50 thousand dollars from some other source. I have every confidence.”