STRATHROY- Bylaw 41.21 was received for first second and final reading during Strathroy Caradoc Council’s latest meeting. The bylaw helps facilitate the relationship between the Municipality of Strathroy-Caradoc and the Strathroy Rotary Club. The report was presented by CAO Fred Tranquilli and saw no discussion during council.
The Rotary Club will be committing to a fundraising goal of $200,000 to help with the construction of their All-Wheels Park at the Fairgrounds Waterpark site. The total cost of the project is anticipated to be approximately $825,000.
The club will be borrowing funds from the Municipality of Strathroy-Caradoc at “0% interest, the remaining balance of Rotary’s commitment of $200,000 (is due) upon the completion date of the project.”
Under the contract the loan figure is to be paid back annually over the next decade in equal amounts.
In addition, the contract notes that “Any grants received by the Municipality once the project is fully funded would be equally divided 50% Rotary and 50% Strathroy-Caradoc. Any grants received by Rotary would be 100% Rotary.”
The contract is set to commence September 2022 and last until September of 2031 unless paid off prior to that date.
Damon MacLean, Local Journalism Initiative Reporter, The Middlesex Banner