Wednesday August 27, 2014

City helping finance Restore store

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The City of Yorkton is prepared to help with start-up funds to establish a Habitat For Humanity Restore in the city.

“At the February 10, 2014 council meeting, Council passed a resolution directing administration to prepare a bylaw for Council’s consideration, such bylaw to provide for the lending of funds to Regina Habitat for Humanity Restore on behalf of the Yorkton Habitat for Humanity Restore for start-up costs,” explained Michael Buchholzer, Director of Environmental Services, at the regular meeting of Yorkton Council Monday.

Provisions of the agreement include;

*Interest free loan for a term of five years, at a zero per cent interest rate with repayment

starting in 2015.

*Source funding to be taken from revenue generated by the landfill compost program.

*Loan agreement to be managed through the Finance Department.

*The Restore will supply an annual financial statement on Yorkton’s operation.

*The Restore will be permitted with free access to the landfill.

“Prior to administration establishing a formal loan agreement, the attached must receive council approval,” said Buchholzer.

Council’s Public Notice Policy requires that a lending bylaw be advertised prior to Council giving second and third reading

The bylaw was given unanimous first reading by Council and Administration be authorized to proceed with the Public Notice process.

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